The CEO of NextEra (NYSE:NEE) recently stated that the demand for renewable energy will triple over the next seven years. Moreover, he forecasts that the overall demand for electricity will increase four times more quickly in the next 20 years compared to the previous 20 years. The CEO also expects batteries to play a key role in meeting this increased demand for electricity. Since NextEra is the owner of America’s largest electrical utility, Florida Power & Light, and the world’s largest producer of renewable energy, he is well-positioned to forecast the demand for renewables, electricity and energy storage. And importantly, these large increases in the utilization of renewables, electricity and energy storage will greatly increase the demand for a number of natural resources, including copper, silver and lithium. Indeed, over the long term, huge increases in the demand for these minerals could easily result in shortages of them. Here are three resource shortage stocks that are well-positioned to benefit from the latter situation.

Southern Copper (SCCO)

Southern Copper (NYSE:SCCO) has the most copper reserves in the world and predicts that it will produce a huge 935,900 tons of the metal this year. Since copper is key to solar panels and wind turbines, Southern Copper will benefit from the increases in renewable energy usage. The demand for power will also boost the demand for copper, given the metal’s wide usage in electrical wiring. The metal should also surge with the proliferation of EVs, as they use more copper than their gasoline-powered counterparts.

In March, investment bank Jefferies raised its rating on Southern Copper to “buy” from “hold,” anticipating copper shortages. The bank estimates that Southern Copper can generate free cash flow of $2.5 billion to $3 billion at March’s copper prices through 2030. Copper prices are now similar to their March levels.

Southern Copper’s Enterprise Value-to-EBITDA ratio is now a rather low 15.4 times.

Southern Copper’s leverage to the rising copper demand make it one of the best resource shortage stocks to buy now.

Pan American Silver (PAAS)

The Wall Street Journal anticipates a 170% surge in silver usage for solar panels by 2030. Also by 2030, solar panels are expected to generate 20% of all of the demand for the metal.

Further, according to Reuters, the deficit between silver consumed and produced is expected to climb 17% this year alone. That makes Pan American Silver (NYSE:PAAS), a leading silver producer, one of the best resource shortage stocks.

The company recently reported locating “an entirely new set of vein structures with high silver grades” at its La Colorada mine. Moreover, the company’s Q2 financial results should increase with higher metals prices and more elevated silver production.

Albemarle (ALB)

Albemarle (NASDAQ:ALB) is the world’s largest producer of lithium.

The stock market and lithium market are failing to realize that the use of energy-storage batteries is soaring. Indeed, The Financial Times reported last month that increased demand for these devices driving battery utilization higher. Moreover, the majority of energy-storage batteries utilize lithium.

And in January, the U.S. Energy Information Administration predicted that the amount of energy-storage batteries deployed would almost double this year in America. Further, a major utility, Entergy (NYSE:ETR), is adding 4.5 gigawatts of battery storage capacity. Meanwhile, Tesla (NASDAQ:TSLA) reported that its energy-storage deployments had more than doubled YOY in Q2. Over time, lithium-ion energy storage batteries’ increased usage will cause a surge in lithium prices.

Of course, the continued growth of the EV sector will also boost lithium prices over the longer term.

And encouragingly, Australian lithium miner Pilbara Minerals on July 23 said that the orders for its lithium were still strong while lithium prices could have bottomed due to the exit of some suppliers from the market.

On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.