This paper compares four different formulations of model predictive control that attempt to maximise electrical power generated by a wave energy converter (WEC). Control laws include (1) pure maximisation of mechanical power, (2) maximisation of mechanical power with a control penalty factor, (3) maximisation of electrical power using power conversion efficiency, and (4) maximisation of electrical power using the full electro-mechanical model of a system. For this study, a wave-to-wire model is developed for a floating spherical buoy connected to a permanent magnet synchronous generator. The performance of the controllers, including the mechanical and electrical power outputs, is compared in irregular wave conditions for the unconstrained and force-constrained scenarios. The results demonstrate that the controller designed to maximise mechanical power is not suitable for practical applications and may lead to negative electrical power output due to the non-ideal power take-off efficiency. Moreover, the replacement of the power take-off dynamics by the efficiency coefficient does not guarantee the maximum electrical power production.