European Commission president Ursula von der Leyen speaks during a press conference.

The agreement was reached after several hours of discussions over proposals to lower energy bills, which have skyrocketed due to the ongoing war between Russia and Ukraine, reports Xinhua news agency.

The summit agreement sets out a "solid roadmap to keep on working on the topic of energy prices", European Commission president Ursula von der Leyen said while addressing a press conference here on Friday.

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"The European Council has agreed that in light of the ongoing crisis, efforts to reduce demand, to ensure security of supply, to avoid rationing, and to lower energy prices for households and businesses across the Union need to be accelerated and intensified, and the integrity of the Single Market has to be preserved," said the published summit conclusions.

Leaders called on energy ministers and the European Commission to "submit concrete decisions" on a "temporary dynamic price corridor on natural gas transactions" that would limit price spikes, and a price cap on gas used to generate electricity.

EU leaders also agreed to push forward on plans to buy gas through a joint platform before next winter.

Indo-Asian News Service