Rising energy prices are back in the headlines as winter approaches. The first thought might be the household bill, followed quickly by a hunt for the thickest jumper. But energy costs also shape whether UK factories can compete, whether employers can invest and what happens to skilled jobs.
For people working in energy, engineering and manufacturing, this is much more than a story about the thermostat.
Why gas prices matter beyond the gas bill
The UK still relies on imported gas. Ofgem explains that gas-fired power stations often set the wholesale price of electricity, even when much of the power comes from other sources. So a rise in gas prices can reach businesses that use large amounts of electricity as well as those that burn gas directly.
Households are feeling the pressure too. Ofgem’s October 2026 price cap is 4% higher than the previous quarter. For a typical household paying by direct debit, that represents £1,723 a year if the new rates lasted for a full year. It is a guide based on typical use, not a limit on anyone’s total bill. Predictions of much larger rises next year deserve attention, but they are not confirmed bills: future prices depend on what happens in wholesale markets.
The chemicals industry shows what is at stake
Chemicals are easy to overlook because most of us do not buy a bottle labelled “industrial chemicals” with the weekly shop. Yet they go into medicines, clothing, cleaning products and construction materials. Producing them takes a lot of energy, and gas can also be an ingredient in the process.
In 2025, INEOS said it was cutting 60 jobs at its Hull acetyls operation, equivalent to 20% of that workforce. It cited high energy costs alongside competition from low-priced imports. In September 2026, the company announced it was idling three chemical plants in Hull, saying European gas prices were 12 times those in the US at the time.
Those are the company’s figures and its explanation for the decision, but the wider question matters: when a UK plant stops producing, where will those materials come from, and what happens to the people who know how to make them? Imports can keep supply moving, but relying on them more heavily can leave buyers exposed to overseas prices and disruption.
What greater reliance on imports means for bulk storage
If more fuel and chemicals come from overseas, they need somewhere to be stored before reaching UK businesses. That puts greater importance on bulk storage terminals and the skilled people who keep them operating safely. For engineers and technical professionals, this is another part of the industry to consider when exploring their next move. At RHL Recruitment, we already support bulk storage clients across the UK and are continuing to grow our work in this area.
What this means for pay and hiring
Higher energy costs can feed into the price of goods and services. They may also leave employers with less room to invest or hire. The Bank of England has warned that interest rates may need to rise if high energy prices persist and add to wider inflation. That is a possibility, not a decision already made.
It is understandable to worry that pay will not stretch as far. The latest ONS earnings figures showed regular pay rising by just 0.6% after inflation in May to July 2026. That is growth, but it leaves little breathing room for someone whose essential costs are rising faster than the average.
For employers, this makes honest workforce planning useful. Identify roles needed to keep a site safe and productive, review energy use where staff can influence it, and be clear with candidates about pay, shifts and progression. Keeping experienced people and training newer colleagues can be more realistic than waiting for perfect conditions to hire.
For candidates, it is worth looking beyond the headline salary. Ask about training, the outlook for the site and the skills a role will build. Experience in maintenance, process improvement, electrical systems or energy efficiency may help you move between sectors if one part of the market slows.
Nobody can forecast next winter’s bills with certainty. What businesses and workers can do now is plan around the costs they can see, keep valuable skills in the UK and make careful decisions when opportunities arise.
Think your skills could be a good fit for the bulk storage sector? Send us your CV. If you are an employer looking to staff your terminal, talk to RHL Recruitment to discuss your recruitment needs.
