Public Utility Holding Company Act of 1998

Public Utility Holding Company Act of 1998 - Repeals the Public Utility Holding Company Act of 1935.

Prescribes procedural guidelines for both Federal Energy Regulatory Commission (FERC) and State access to records of a holding company (including subsidiaries, associates and affiliates) of a public utility or natural gas company.

Instructs FERC to promulgate a final rule to exempt specified holding companies from such access requirements. Requires FERC to exempt any person or transaction from such access requirements if it finds that regulation of such person or transaction is irrelevant to the jurisdictional rates of a public utility company.

Retains the jurisdiction of FERC and State commissions to determine whether a public utility company may recover in rates any costs of affiliate transactions.

Declares this Act inapplicable to: (1) the United States; (2) a State or its political subdivision; and (3) a foreign governmental authority not operating in the United States.

Grants FERC certain Federal Power Act enforcement powers.

Transfers from the Securities and Exchange Commission to FERC all books and records that relate primarily to the functions vested in FERC by this Act.

Authorizes appropriations.

Amends the Federal Power Act to repeal its conflict of jurisdiction guidelines.