A nonlinear dynamic model of the buoyancy system in a wave energy power plant is presented. The plant ("Wave Dragon") is a floating device using the potential energy in overtopping waves to produce power. A water reservoir is placed on top of the WD, and hydro turbines lead the water to the sea producing electrical power. Through air chambers it is possible to control the level of the WD. It is important to control the level in order to maximize the power production in proportion to the wave height, here the amount of overtopping water and the amount of potential energy is conflicting. The pressures in the air chambers may be individually controlled by an air fan through an array of valves. The paper presents a model describing the dynamics from the air inlet to the level. Results from validation of the model against plant data are presented.