The electric power generation of co-located offshore wind turbines and wave energy converters along the California coast is investigated. Meteorological wind and wave data from the National Buoy Data Center were used to estimate the hourly power output from offshore wind turbines and wave energy converters at the sites of the buoys. The data set from 12 buoys consists of over 1,000,000 h of simultaneous hourly mean wind and wave measurements. At the buoys, offshore wind farms would have capacity factors ranging from 30% to 50%, and wave farms would have capacity factors ranging from 22% to 29%. An analysis of the power output indicates that co-located offshore wind and wave energy farms generate less variable power output than a wind or wave farm operating alone. The reduction in variability results from the low temporal correlation of the resources and occurs on all time scales. Aggregate power from a co-located wind and wave farm achieves reductions in variability equivalent to aggregating power from two offshore wind farms approximately 500 km apart or two wave farms approximately 800 km apart. Combined wind and wave farms in California would have less than 100 h of no power output per year, compared to over 1000 h for offshore wind or over 200 h for wave farms alone. Ten offshore farms of wind, wave, or both modeled in the California power system would have capacity factors during the summer ranging from 21% (all wave) to 36% (all wind) with combined wind and wave farms between 21% and 36%. The capacity credits for these farms range from 16% to 24% with some combined wind and wave farms achieving capacity credits equal to or greater than a 100% wind farm because of their reduction in power output variability.