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