Abstract: An OWEC designed to convert the energy of an oscillating water column within a wave into electricity for use during peak hours and into compressed air for use during off peak hours, and to withstand adverse weather conditions. Located off-shore, and submerged about 95%, the OWEC comprises: a vertically adjustable spar comprising a vertical shaft connected to a foundation in the sea floor, and extending above sea level; a float comprising parabolic reflectors on the underside to channel wave flow upward, and two buoyancy chambers to support the float's weight; adjustable parabolic spar reflectors attached near the spar's bottom to re-direct horizontal wave flow vertically to maximize the float's produced power; a cylinder system to generate compressed air that is stored in an onsite tank; and, a power takeoff (PTO) device sitting atop the float and comprising two counter-rotating flywheels to convert the float's power into electrical energy.