Electricity giants are expecting shifting plans for government-backed "fair-dinkum" power plants during a meeting with the federal energy minister on Wednesday.

Angus Taylor will canvass the underwriting proposal, where there will also be debate on price cuts.

Mr Taylor says the Australian government's underwriting new-generation investments program is focused on attracting new investment in firm or firmed generation capacity to increase competition and reduce electricity prices

The underwriting proposal, which could see Canberra bankroll a new coal-fired plant, could affect the market share of the big retailers.