Traditionally, power, energy and maximum demand meters are calibrated by direct comparison with a standard meter or with an accurately known equivalent power. In this paper, a new technique to calibrate these meters is introduced. A precision wattmeter based on a time-division principle with an accuracy of 0.05% is used. The concept is to connect the meter in a feedback loop where the output power of the system is maintained constant by adjusting the supply current. This provides a highly stabilised power source where the effects of current, voltage, phase angle variations and drifts are compensated.