Precise mathematical models are essential for designing energy maximising control strategies and assessing power production capabilities of Wave Energy Converters (WECs). However, commonly used mathematical models excessively simplify Wave-Structure Hydrodynamic Interactions (WSHIs) and/or the Power Take-Off (PTO) system, due to the need for fast models, resulting in poor control strategies and misestimated power production estimates. The suitability of a reduced Wave-toWire (rW2W) model is studied here, which includes only the necessary dynamics and losses of the WSHI and PTO system, significantly reducing mathematical requirements of a comprehensive High-Fidelity W2W (HFW2W) model. Results demonstrate that the controller designed using the rW2W model is very similar to that designed via the HFW2W model, ensuring a satisfactory performance of the WEC. In addition, power production capabilities of a WEC assessed using the rW2W and HFW2W models show very similar results, with differences of up to 5% in the annual mean power production.