Control algorithms for wave energy conversion technologies with air turbines require contingency tools to prevent the rated power and maximum rotational speed from being exceeded. Survival problems limit energy conversion when the available power is too large compared to the turbo-generator-rated power. Short-term predictions require information from local wave-measuring buoys, which raises reliability concerns. Wave groups in the ocean result in extremely high wave power peaks that cannot be smoothed by low-inertia power-take-off (PTO) systems, leading to survival problems. The most common strategy to cope with this situation is to set the rated power of the PTO several times more than the annual average produced electrical power. The PTO is shut-down when the available power is excessive. These two engineering decisions have a detrimental impact on the capacity factor and the energy cost. The paper shows a new control algorithm for wave energy oscillating-water-column (OWC) devices that can control the shutter position of a fast-acting valve to dissipate the pneumatic energy excess. Hence, the PTO can operate even when the available power is significantly larger than the generator’s rated power. The algorithm was validated with the 30 kW biradial turbine prototype from the OPERA H2020 European project under real sea conditions at Mutriku’s wave power plant. Results show the algorithm’s effectiveness in real situations and during a generator failure simulated during the experimental campaign. This new concept may reduce the energy cost from wave energy and open a new field of design possibilities for OWC wave energy converters.