Shut down the main power circuits that feed the two meters. Check the load history for each meter. This can be provided by the power company. Determine the power cable size for the new meter. If the existing two meters are fed by two 200-amp wires, then the single meter must have feeder wires capable of handling 400 amps.
Run new feeder wire from the power transformer to the new meter. The new meter must be rated to handle the maximum load of 400 amps. Attach the two hot wires to the two meter feeder terminals of the meter. Secure the wires using the screwdriver or socket wrench.
Place two additional hot wires from the new meter to a new 400-amp power panel. These two wires should connect to the two output terminals of the meter. Attach the other end of these two wires to the main breaker of the 400-amp power panel.