TVA Customer Protection Act of 1998

TVA Customer Protection Act of 1998 - Amends the Federal Power Act to treat the Tennessee Valley Authority (TVA) as a public utility subject to regulation by the Federal Energy Regulatory Commission (FERC). Exempts TVA facilities from the requirement of prior FERC approval for any disposition of property if proper disclosure has been made, and all disposition proceeds are applied towards TVA debt reduction. Prohibits FERC from permitting TVA to impose any rate or charge, or any rule or regulation pertaining to a rate or charge, for costs incurred in the conduct of TVA activities or operations outside the United States. Deems any such rate, charge, rule, or regulation to be unjust, unreasonable, and unlawful. Mandates an annual TVA report to FERC detailing its activities outside the United States. Prohibits TVA electric power sales to a retail customer within a distributor service area assigned by law, unless: (1) the customer was purchasing electric power directly from TVA on the date of enactment of this Act; (2) the distributor purchases firm power from TVA that is no more than 50 percent of its total retail sales; or (3) the distributor agrees that TVA may sell power to the customer. Subjects TVA retail electric power sales to applicable State law. Subjects TVA to the same filing and disclosure requirements as pertain to other public utilities. Amends the Tennessee Valley Authority Act of 1933 to subject TVA to the antitrust laws. Denies TVA any power to rent, sell, or otherwise provide construction equipment or services to, or perform contract construction work for, any public or private entity, except for certain electrical contractors, customers, distributors, and governmental entities engaged in electrical utility work on a TVA electrical utility project.