This bill would create the Offshore Wind Community Capacity Funding Grant Account in the fund, and would continuously appropriate the moneys in this account to the commission to fund capacity funding activities and award capacity funding grants, thereby making an appropriation, as specified. The bill would require California an offshore wind leaseholders holding a lease executed on or after July 1, 2022, entity, as defined, to provide financial assistance to fund those activities and grants for the 3-year period after the leaseholder offshore wind entity executes an offshore wind lease, as provided. The bill would make that financial assistance subject to the reporting requirement described above. The bill would authorize the commission to use up to 5% of the total amount deposited into the Offshore Wind Community Capacity Funding Grant Account, grant account, if needed, to administer that the grant account. The bill would require the commission to annually prepare and submit a report, on or before March 1 of each year, to the Legislature on the implementation and effectiveness of those activities and grants. The bill would require the commission to develop guidelines, as provided, for the use of those moneys, and would require the guidelines to be subject to review and revision every 3 years.