count question

i have a table

CREATE TABLE meter
(
  meter_id integer NOT NULL,
  no_of_bays integer,
  CONSTRAINT meter_pkey PRIMARY KEY (meter_id)
)


INSERT INTO meter(
            meter_id, no_of_bays)
    VALUES (5397, 2);


INSERT INTO meter(
            meter_id, no_of_bays)
    VALUES (5409, 3);


select meter_id, no_of_bays from meter;

 meter_id | no_of_bays
----------+------------
     5397 |          2
     5409 |          3


Is it possible to write a query to produce:

 meter_id | no_of_bays |   bay_id
----------+------------+-----------
     5397 |          2 |   5397-01
     5397 |          2 |   5397-02
     5409 |          3 |   5409-01
     5409 |          3 |   5409-02
     5409 |          3 |   5409-03

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