The European Commission will present energy proposals before the next meeting of EU leaders on October 20-21, Italian Prime Minister Mario Draghi said as he left the European Union leaders summit in Prague on Friday.

Heads of state from across Europe met in Prague to discuss how to stem the rise in energy prices caused by the Ukraine war. The European Union hopes to reach an agreement on electricity market reform within two weeks to mitigate the impact of gas prices on power generation systems.

European proposals include caps on gas prices, backed by most EU countries, but have met with opposition from Denmark, Germany and the Netherlands, which fear it will make it difficult to buy the gas their economies need and curb any incentive to cut consumption.

"We are determined to mobilize our resources to reduce energy prices and we are working to boost stocks," European Council President Charles Michel said in a press conference after the conclusion of the European summit.