Electrical Lifeline for the Elderly Rate Reform Act -- Stipulates that no rate schedule of an electric utility shall result in a greater per kilowatt-hour charge to elderly residential consumers for a subsistence quantity of electric energy than the lowest charge to any other electric consumer.

Sets forth procedures for enforcement of the provisions of this Act. Imposes criminal penalties for persons found guilty of fraudulent misrepresentation of one's status as a residential electric consumer.

Authorizes the Federal Energy Administrator to provide financial assistance to State and local regulatory authorities to assist in the establishment of subsistence standards for the elderly. Directs the Administrator to report to Congress within 18 months on the effects of this Act on electric utility rate structures, electric consumption, and related problems.