The bloc is divided on whether and how to cap the wholesale price of gas.
It comes as Europe braces itself for a difficult winter due to the cost of living and the squeeze on global energy supplies.
The bloc is attempting to wean itself off Russia energy, but it has left it scrambling for other alternative, expensive sources.
A windfall tax is imposed by a government on a company to target firms that were lucky enough to benefit from something they were not responsible for, in other words, a windfall profit.
Demand for oil and gas has increased as the world emerges from the epidemic, and supply concerns have been raised due to Russia's invasion of Ukraine, which is why energy firms are getting more money for their oil and gas than they were last year.
EU ministers estimate that they can raise €140 billion 123 billion a year from the levies on non-gas electricity producers and suppliers that are making larger than usual profits from the current demand.
The European Commission said earlier this month that fossil fuel extractors will be told to give back 33% of their surplus profits for this year.
He said that the sooner we move to cheap, clean and homegrown renewables, the sooner we will be immune to Russia's energy blackmail.
There is a lot of disappointment that there is nothing about gas prices in the proposal that is on the table, according to Polish climate minister Anna Moskwa.
Ms Moskwa said a maximum price for gas would be supported by the majority of European countries and cannot be ignored. It was applied to profits made by companies from extracting UK oil and gas, but not those that generate electricity from sources such as nuclear or wind power.