populate value of column

I have a table

CREATE TABLE meter
( meter_id integer NOT NULL, area_no integer NOT NULL, CONSTRAINT meter_pkey PRIMARY KEY (meter_id)
) ;

INSERT INTO meter(meter_id, no_of_bays) VALUES (1001, 4);
INSERT INTO meter(meter_id, no_of_bays) VALUES (1012, 6);

select meter_id, area_no from meter;
meter_id | no_of_bays
----------+------------    1001 |         4    1012 |         6


How can I generate the following result?
meter_id | bay
----------+------------    1001 |         01    1001 |         02    1001 |         03    1001 |         04    1012 |
     01    1012 |         02    1012 |         03    1012 |         04    1012 |         05    1012 |         06