Your local server probably has problems sending mail. There are ways to fix that, but it is probably easiest to change the password in the database directly.
Since you’ve made a copy of your site I am going to assume you have access to the database through something like PhpMyAdmin.
Follow these instructions to change the password: https://codex.wordpress.org/Resetting_Your_Password#Through_phpMyAdmin
Short version: find your user in the wp_users table, type a new password in the user_pass column and make sure to select MD5 under functions.
To prevent this problem in the future you could install a SMTP mail plugin. There are quite a few in the plugin directory for this.
Good luck!
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