The performance and flow around an oscillating foil device for current energy extraction (a wingmill) was studied through numerical simulations. OpenFOAM was used in order to study the two-dimensional (2D) flow around a wingmill. A closed loop control law was coded in order to follow a reference angle of attack. The objective of this control law is to modify the angle of attack in order to enhance the lift force (and increase power extraction). Dimensional analysis suggests a compromise between the generator (or damper) stiffness and actuator/control gains, so a parametric study was carried out while using a new dimensionless number, called B, which represents this compromise. It was found that there is a maximum on the efficiency curve in terms of the aforementioned dimensionless parameter. The lessons that are learned from this fluid-structure and feedback coupling are discussed; this interaction, combined with the feedback dynamics, may trigger dynamic stall, thus decreasing the performance. Moreover, if the control strategy is not carefully selected, then the energy spent on the actuator may affect efficiency considerably. This type of simulation could allow for the system identification, control synthesis, and optimization of energy harvesting devices in future studies.