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Patent Granted A hydrokinetic device having a water surface float tethered to a submerged buoyant housing is provided with mechanisms for optimizing the amount of wave energy extracted from the waves by the device. Based on wave conditions, the optimization functionalities include controlling the depth of the housing to produce wave shoaling or storm avoidance, as well as to perform continuous phase control and load control for the purpose of matching the response frequency of the device to the frequency of the incident waves.