French cable company Nexans warns that renewable energy project developers could face a huge jump in project costs in two years’ time when the price of copper is expected to rise significantly.

Copper prices could nearly double to $15,000 per ton by 2026, when the US renewable energy program will be in full swing, China’s economy has finally recovered and Europe is pressing the accelerator again for green energy, Nexans’ top executive said Wednesday at a conference in Paris, according to Bloomberg News.

Getting supplies of copper ”is a huge risk for the transition,” CEO Christopher Guerin said at a conference in Paris.

In recent years, there have been several similarly bold predictions from mining companies, commodity traders and investment banks that could stand to benefit from a sharp rise in copper prices.

Nexans’ forecast stands out as a warning of the damage high prices can do to manufacturers who will play a key role in the energy transition.

The price of copper is relevant for wind farm developers such as Denmark’s Ørsted, as copper is a major cost in the price of power cables.

Demand for copper is expected to increase by 75% to 35 million tons by 2030 or 2032, while production capacity will remain close to 23 million tons, creating a huge potential shortage, Nexans’ top executive said, according to Bloomberg News.

The copper price on Thursday is at USD 8421 per ton, which is just over 20% below the record from March last year at USD 10,845 per ton. The most recent bottom was hit in July last year at $7,000 per ton.