Predictive coding represents a promising framework for understanding brain function, postulating that the brain continuously inhibits predictable sensory input, ensuring a preferential processing of surprising elements. A central aspect of this view on cortical computation is its hierarchical connectivity, involving recurrent message passing between excitatory bottom-up signals and inhibitory top-down feedback. Here we use computational modelling to demonstrate that such architectural hard-wiring is not necessary. Rather, predictive coding is shown to emerge as a consequence of energy efficiency, a fundamental requirement of neural processing. When training recurrent neural networks to minimise their energy consumption while operating in predictive environments, the networks self-organise into prediction and error units with appropriate inhibitory and excitatory interconnections and learn to inhibit predictable sensory input. We demonstrate that prediction units can reliably be identified through biases in their median preactivation, pointing towards a fundamental property of prediction units in the predictive coding framework. Moving beyond the view of purely top-down driven predictions, we demonstrate via virtual lesioning experiments that networks perform predictions on two timescales: fast lateral predictions among sensory units and slower prediction cycles that integrate evidence over time. Our results, which replicate across two separate data sets, suggest that predictive coding can be interpreted as a natural consequence of energy efficiency. More generally, they raise the question which other computational principles of brain function can be understood as a result of physical constraints posed by the brain, opening up a new area of bio-inspired, machine learning-powered neuroscience research.