A wave action electric generating system comprises a platform floating on water, the platform being subject to rocking from side to side from wave action; an electric generator disposed on the platform; a pulley engagable with the generator in a first direction to power the generator, and free-wheeling with the generator in a second direction opposite the first direction; a spring to rewind the cable; an arm extending over the water, the arm including a far end that moves substantially up and down over the water as the platform rocks from side to side; a cable operably connected to the pulley and supported by the far end, the cable pulling on the pulley in the first direction and rewinding around the pulley in the second direction; a member disposed in the water and connected to another end of the cable, the member resisting lifting as the far end moves upwardly from wave action thereby to unwind the cable and drive the generator, the member resisting sinking as the far end moves downwardly, thereby to rewind the cable.