The cost of building a next-generation coal fired-power station is almost $1 billion cheaper than previously thought, according to new reports commissioned by the Minerals Council of Australia.

Despite last month's Finkel Review warning investors were only interested in financing wind and solar projects - and Australia not building a new coal-fired power plant for the past 10 years - the Minerals Council said the reports by energy consultants Solstice Development Services and engineering company GHD showed a modern 1000 megawatt HELE (high-efficiency, low-emissions) or ultra supercritical power station could be built for $2.2 billion.