Power Marketing Administration Reform Act of 1998

[AI summary unavailable — showing source text] Power Marketing Administration Reform Act of 1998 - Requires the Secretary of Energy to develop and implement procedures to ensure that the Federal Power Marketing Administrations (FPMAs) utilize the same accounting principles and requirements as the Federal Energy Regulatory Commission (FERC) applies to the electric operations of public utilities. (Sec. 4) Requires each FPMA and the Tennessee Valley Authority (TVA) to submit periodically for FERC review rates for the sale or disposition of Federal energy that will ensure recovery of all their costs in generating and marketing such energy. Prescribes rate mechanism and pricing guidelines. Establishes a fund within the Department of the Interior to: (1) mitigate damage to environmental resources attributable to power generation and sales facilities; and (2) restore the health of such resources, including fish and wildlife. Mandates project-specific mitigation plans for each power generation project. Establishes a fund within the Department of Energy for renewable resources. Prescribes expenditure guidelines. Mandates that public bodies and cooperatives be given a preference for future power allocations or reallocations of Federal po…