A method of monitoring the electrical power in multiple branch circuits of an AC electrical power distribution system comprises monitoring at least one voltage common to said multiple branch circuits using a main meter unit, monitoring currents of the multiple branch circuits using multiple current cards that receive a plurality of current inputs from current transducers in the multiple branch circuits, sampling the monitored voltage in the main meter unit and the monitored currents in the current cards multiple times in each cycle of the AC power signal, determining the magnitudes and angles of spectral components of the sampled current in the current cards, sending data representing the magnitudes and angles of at least selected spectral components from the current cards to the main meter unit, and storing the voltage samples and the magnitudes and angles of at least the selected spectral components in the main meter unit.