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Formula 1 bosses have come to an agreement on the supply and price of power units from 2017 until 2020, Autosport understands.

FIA president Jean Todt set the power unit manufacturers a target of addressing the cost, availability of supply, performance convergence and noise of F1 engines with a deadline of this Saturday.

Following lengthy talks, a way forward has been agreed that allows the FIA to achieve its cost-saving objectives - with price reductions on engine supply set to be enforced from next season.

It is believed the cost of an engine supply will be reduced by €1million in 2017 compared to this year's prices.

From 2018 to '20, when the current bilateral agreements between F1's organisers and the teams expire, the price will drop by a further €3million compared to '17 prices.

A principle of obligation to supply engines has been agreed by all manufacturers.

A price of €12million for the power unit will be added to the 2017 sporting regulations as a fallback position only.

Autosport understands this will only be enforced if there is a breach of the rules and has been put in place to ensure that all teams have access to a power unit.

Regarding power convergence, it is believed the token system will be removed while there will be additional limits on weights, dimensions and boost pressure from 2018.

There are also expected to be limitations on packaging in a bid to prevent an 'arms race'.

Measurement systems will be implemented by the FIA on an annual basis to ensure targets are met.

It is believed there will be a reduction in the number of power unit parts per driver and per season and a standardisation of most of the pressure and temperature sensors in 2018.

On the fourth point of noise, there is understood to be a commitment from engine manufacturers to implement a standard power unit exhaust sound generator.

The target is to introduce this generator as soon as possible but by 2018 at the very latest.

Furthermore, it is believed the FIA has committed to all manufacturers that there will be stability on power unit technical and sporting regulations unless the championship finds itself in a very adverse situation or if power unit convergence is not achieved.

Autosport understands there has also been a commitment from the FIA to all teams to guarantee the stability of the current governance structure from next season through to 2020.

These engine regulations now require ratification by the World Motor Sport Council.