Attempts by EU energy ministers to conclude an agreement to cap natural gas prices have collapsed after more than six hours of talks failed to reach a final agreement, Politico reports.

The extraordinary Energy Council was supposed to discuss proposals for a so-called market correction mechanism aimed at avoiding the dramatic price spikes seen over the summer. But there is very deep disagreement among EU countries over whether the cap should be imposed at all, and if so, at what price it would be activated.

According to the European Commission's original plan, the cap would come into effect when prices at the Dutch TTF hub reach 275 euros per megawatt hour within two weeks, and if those prices are more than 58 euros per MWh higher than global market prices for liquefied natural gas. This proposed cap is so high that it would not have been activated even during the August price spike, when prices briefly reached 350 euros per MWh, causing outrage from countries that support the cap.

The Czech Republic proposed several amendments to the Commission's proposal, but hours of negotiations did not result in a final breakthrough.

Negotiations now move on to another Energy Council set for Monday.

Riina Sikkut, Estonia's economy and infrastructure minister, told POLITICO that there is an agreement that the cap should come into effect when gas prices are 35 euros per MWh higher than global LNG prices within three days.

The delay affects other documents aimed at helping the bloc move away from Russian gas imports, including measures to expedite approval of renewable energy projects and joint gas purchases. Sikela said those issues will be approved next week.