[SQL] populate value of column

[novice]

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

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