Paris, Nov 9 (IANS): France's renewable energy sector will bring in 30.9 billion euros ($31.1 billion) of revenue in 2022-2023, the country's Commission for Energy Regulation (CRE) said in a statement.

The energy regulator on Tuesday revised its July forecasts upwards following surge in the market prices of electricity.

Wind power will bring about the bulk of the revenue, up to 21.7 billion euros, the photovoltaic sector will bring 3.5 billion euros and the hydraulic sector, 1.7 billion euros, according to the latest estimates provided by CRE.

The country's renewable energy revenues will help finance the tariff shields and shock absorbers designed to protect consumers and businesses from soaring energy prices, CRE added.

It warned, however, of an early termination of the support contracts for some renewable energy producers, which will lead to a cumulative loss of six to seven billion euros for the country in 2022 and 2023, Xinhua news agency reported.

CRE recommends strengthening the taxation of inframarginal rents planned by European Union regulations for these facilities.