Wave energy could play a major role for diversification of the energy matrix in Latin America. However, it has impact on the stability of the power system. This paper studies the integration of a wave generation system in a power grid and its impact on the oscillations of frequency. A critical analysis is made about the real potential of this technology. Different cases are analyzed taking into account the injection level of power from the wave generator and the requirement of energy storage. Results demonstrate that high penetration of wave generation affects the frequency of the network and takes it out from the dead band considered in the Colombian regulation. Simulations on the IEEE 9 bus system shows that integration of a wave power generation system produces frequency drop, phase power and voltage oscillation as well as other dynamic problems in the power grid. However, when such integration is adequately planned, it is safe to inject power to the electrical system from a wave generation plant.