Electric Power Consumer Rate Relief Act of 1998

Electric Power Consumer Rate Relief Act of 1998 - Amends the Public Utility Regulatory Policies Act of 1978 to provide that a State regulatory authority may ensure that rates charged by qualifying small power producers and qualifying cogenerators to purchasing electric utilities: (1) are just and reasonable to consumers of the purchasing utility and in the public interest; and (2) do not exceed the incremental cost at the time of delivery to such utility of alternative electric energy and capacity.

Authorizes a State regulatory authority to: (1) establish programs for monitoring the operating and efficiency performance of in-State cogeneration and small power production facilities in order to determine whether they meet Federal Energy Regulatory Commission standards; and (2) require that a contract entered into before the date of enactment of this Act be amended to conform to State requirements governing rates to retail electric consumers.