NOVELTY - The converter has an energy accumulation unit (200) for dissipating energy to a power generation unit (300) when an energy absorption unit (100) absorbs less energy than energy generated by the generation unit. The absorption unit comprises a hydraulic pump (110) connected to a converting unit for converting vertical motion to rotational motion. The accumulation unit comprises a combined hydraulic pump and motor (220) connected to counterweight for converting vertical motion to rotational motion. The generation unit comprises a hydraulic motor (310) connected to an electric generator (320).    USE - Double drive wave energy converter for producing electric energy from intermittent mechanical energy i.e. periodical movement of a body or mass of water waves, at sea bed or at shore.    ADVANTAGE - The converter includes a double drive, so that average input speed from an anchor drum is doubled, thus reducing torque and pressure to half in relation to the power output, and hence leading to cost saving. The converter includes three-by-two-valve combined with pressure limitation or pressure reduction function so as to limit maximum pressure in the converter, thus preventing damage if the converter locks up or if weather conditions cause too high mass moment of inertia in the converter. The converter limits energy absorption, while maintaining rated power by temporary disengaging from incoming energy. The generator's torque is tuned so as to improve generator efficiency and to provide maximum power output without overloading the generator. The valve prevents hydraulic fluid from flowing back from the accumulation unit and to the absorption unit. The converter provides power takeoff with power smoothing capabilities so as to provide stable mechanical and electrical load in the converter with very low peak torque/pressure in power takeoff and peak power in the generator. The energy absorption unit, the energy accumulation unit and the power generation unit in a floating body are arranged, so that the converter is easy to install and retract and the units are easy to access for maintenance.    DETAILED DESCRIPTION - The hydraulic pump is a bidirectional hydraulic pump.    DESCRIPTION OF DRAWING(S) - The drawing shows a block diagram of components of a wave energy converter.    Energy absorption unit (100)    Hydraulic pump (110)    Energy accumulation unit (200)    Combined hydraulic pump and motor (220)    Power generation unit (300)    Hydraulic motor (310)    Electric generator (320)