A meter device for measuring electrical energy is provided. The meter device includes circuitry for measuring at least one parameter of electrical energy provided to the meter device. A storage device is provided for storing at least one calibration factor for compensating for errors associated with at least one of at least one current transformer (CT) and at least one potential transformer (PT) that operates on the electrical energy provided to the meter device. At least one processor is provided for processing the at least one calibration factor for adjusting the measuring for compensating for the errors when measuring the electrical energy.