The U.K. energy controller on Friday is set to declare the most recent cost cap, which is the greatest sum that gas providers can charge clients per unit of energy.

U.S. bank Citi forecast that the huge energy cost increases could drive U.K. inflation to 18% next year.

The Bank of England predicts a recession starting later this year.

"The market gives no indication of tracking down another harmony," Rystad Energy examiner Lu Ming Pang said.

"Market feeling is a combination of cost record exhaustion with calm acknowledgment that this new typical is digging in for the long haul."

Some critics say the U.K.’s fully privatized energy market — which can be traced back to Margaret Thatcher’s liberalization drive in the 1980s — is partly to blame for the crisis.