Oscillating water column (OWC) devices, either fixed or floating, are the most common wave energy converter (WEC) devices. In this work, the fluid dynamic interaction between waves and a U-shaped OWC breakwater embedding a Wells turbine has been investigated through unsteady Computational Fluid Dynamic (CFD) simulations. The full-scale plant installed in the harbor of Civitavecchia (Italy) was numerically modeled. A two-dimensional domain was adopted to simulate the unsteady flow, both outside and inside the U-OWC device, including the air chamber and the oscillating flow inside the conduit hosting the Wells turbine. For the numerical simulation of the damping effect induced by the Wells turbine connected to the air chamber, a porous medium was placed in the computational domain, representing the conduit hosting the turbine. Several simulations were carried out considering periodic waves with different periods and amplitudes, getting a deep insight into the energy conversion process from wave to the turbine power output. For this purpose, the three main steps of the overall energy conversion process have been examined. Firstly, from the wave power to the power of the water oscillating flow inside the U-duct. Secondly, from the power of the oscillating water flow to the air pneumatic power. Finally, from the air pneumatic power to the Wells turbine power output. Results show that the U-OWC can capture up to 66% of the incoming wave power, in the case of a wave period close to the eigenperiod of the plant. However, only two-thirds of the captured energy flux is available to the turbine, being partially dissipated due to the losses in the U-duct and the air chamber. Finally, the overall time-average turbine power output is evaluated showing that it is strongly influenced by a suitable choice of the turbine characteristics (mainly geometry and rotational speed).