One of the keys of enhancing the quality of electric power supply resides in the accuracy of the consumption metering. Nowadays development of the sensors, devices and systems for electricity metering offers the basis for this service. Nevertheless, this achievement in many situations is altered such that appropriate measures must be adopted even if already significant costs have been registered. In this paper is proposed and discussed an optimal solution based on the identification and minimizing the measurement errors for increasing the electricity readings accuracy and lowering the electricity losses and related costs. In this regard, a mathematical model was developed and a particular algorithm for the mentioned problem is proposed and tested in the case of a power distribution company where an enhancement on average of the own technological consumption with 4% was recorded.