SaskPower said there were no injuries or property damage and it was contained to the meter and the surrounding area.
SaskPower president and CEO Robert Watson said: "The issue is being taken extremely seriously.
"The safety of our customers and employees is our top priority as we continue our investigation.
"We’re working with independent parties and the meter manufacturer to identify the issue as quickly as possible."
Results of the investigation are expected to be available in late August 2014.
SaskPower, which was established in 1929 by the provincial government, serves over 490,000 customers and manages $7bn in assets.
The company serves its customers via 151,000km of power lines across the province and covers a service territory that includes Saskatchewan’s geographic area of about 651,000 km².
