New Clean Coal Retrofit Technologies and Electric Generation and Industrial Energy Development Act of 1986 - Directs the Secretary of Energy to recommend to the Congress and the President: (1) actions to implement clean, cost-effective coal technologies in electric-generating facilities and domestic basic industries (such as steel and aluminum); and (2) administrative and regulatory actions (including financial assistance) to facilitate the use of clean-coal technologies. Establishes within the Department of Energy a Clean Coal Advisory Committee to advise the Secretary in formulating recommendations required by this Act. Instructs the Secretary to: (1) solicit in the Federal Register project proposals for clean coal technologies which are capable of retrofitting, repowering, or modernizing existing facilities; and (2) submit an analytical report to the Congress regarding the response to such solicitation and the extent to which funds in the Clean Coal Technology Reserve will accelerate the commercial availability of such technologies.