Emerging concept of Smart Grids aims at increasing visibility and controllability of electricity grids boosting their operational efficiency, enabling novel enhanced services to customers and utilities at a same time. Successful realization of this concept will in great part depend on efficient management of tremendous amounts of data to be gathered and processed in very short time periods. In this work we propose a novel smart metering architecture to manage data collected from deployed smart meters logically encapsulated in form of virtual meters. The metering infrastructure is structured in the form of Advanced Metering Infrastructure (AMI). The architecture of Meter Data Management (MDM) system as well and its integration in Control Center structure of power system is described in details. The testing and verification of proposed solution is performed on data from power distribution company Vattenfall, Sweden.