diff --git a/packages/SwingSet/src/kernel/state/kernelKeeper.js b/packages/SwingSet/src/kernel/state/kernelKeeper.js
index 2c6057e51897..7908340d7ccd 100644
--- a/packages/SwingSet/src/kernel/state/kernelKeeper.js
+++ b/packages/SwingSet/src/kernel/state/kernelKeeper.js
@@ -36,6 +36,7 @@ const enableKernelGC = true;
 // device.names = JSON([names..])
 // device.name.$NAME = $deviceID = d$NN
 // device.nextID = $NN
+// meter.nextID = $NN // used to make m$NN
 
 // kernelBundle = JSON(bundle)
 // bundle.$NAME = JSON(bundle)
@@ -54,6 +55,9 @@ const enableKernelGC = true;
 // v$NN.vs.$key = string
 // v$NN.lastSnapshot = JSON({ snapshotID, startPos })
 
+// m$NN.remaining = $NN // non-negative remaining capacity (in computrons)
+// m$NN.threshold = $NN // notify when .remaining first drops below this
+
 // d$NN.o.nextID = $NN
 // d$NN.c.$kernelSlot = $deviceSlot = o-$NN/d+$NN/d-$NN
 // d$NN.c.$deviceSlot = $kernelSlot = ko$NN/kd$NN
@@ -90,6 +94,12 @@ export function commaSplit(s) {
   return s.split(',');
 }
 
+function insistMeterID(m) {
+  assert.typeof(m, 'string');
+  assert.equal(m[0], 'm');
+  Nat(BigInt(m.slice(1)));
+}
+
 // we use different starting index values for the various vNN/koNN/kdNN/kpNN
 // slots, to reduce confusing overlap when looking at debug messages (e.g.
 // seeing both kp1 and ko1, which are completely unrelated despite having the
@@ -106,6 +116,7 @@ const FIRST_OBJECT_ID = 20n;
 const FIRST_DEVNODE_ID = 30n;
 const FIRST_PROMISE_ID = 40n;
 const FIRST_CRANK_NUMBER = 0n;
+const FIRST_METER_ID = 1n;
 
 /**
  * @param {KVStorePlus} kvStore
@@ -228,6 +239,7 @@ export default function makeKernelKeeper(
     kvStore.set('ko.nextID', `${FIRST_OBJECT_ID}`);
     kvStore.set('kd.nextID', `${FIRST_DEVNODE_ID}`);
     kvStore.set('kp.nextID', `${FIRST_PROMISE_ID}`);
+    kvStore.set('meter.nextID', `${FIRST_METER_ID}`);
     kvStore.set('gcActions', '[]');
     kvStore.set('runQueue', JSON.stringify([]));
     kvStore.set('crankNumber', `${FIRST_CRANK_NUMBER}`);
@@ -706,6 +718,58 @@ export default function makeKernelKeeper(
     return msg;
   }
 
+  function allocateMeter(remaining, threshold) {
+    const nextID = Nat(BigInt(getRequired('meter.nextID')));
+    kvStore.set('meter.nextID', `${nextID + 1n}`);
+    const meterID = `m${nextID}`;
+    kvStore.set(`${meterID}.remaining`, `${Nat(remaining)}`);
+    kvStore.set(`${meterID}.threshold`, `${Nat(threshold)}`);
+    return meterID;
+  }
+
+  function addMeterRemaining(meterID, delta) {
+    insistMeterID(meterID);
+    const remaining = parseInt(getRequired(`${meterID}.remaining`), 10);
+    kvStore.set(`${meterID}.remaining`, `${Nat(remaining) + Nat(delta)}`);
+  }
+
+  function setMeterThreshold(meterID, threshold) {
+    insistMeterID(meterID);
+    kvStore.set(`${meterID}.threshold`, `${Nat(threshold)}`);
+  }
+
+  function getMeter(meterID) {
+    insistMeterID(meterID);
+    const remaining = parseInt(getRequired(`${meterID}.remaining`), 10);
+    const threshold = parseInt(getRequired(`${meterID}.threshold`), 10);
+    return harden({ remaining, threshold });
+  }
+
+  function deductMeter(meterID, spent) {
+    insistMeterID(meterID);
+    Nat(spent);
+    const oldRemaining = parseInt(getRequired(`${meterID}.remaining`), 10);
+    const threshold = parseInt(getRequired(`${meterID}.threshold`), 10);
+    let underflow = false;
+    let notify = false;
+    let remaining = oldRemaining - spent;
+    if (remaining < 0) {
+      underflow = true;
+      remaining = 0;
+    }
+    if (remaining < threshold && oldRemaining >= threshold) {
+      notify = true;
+    }
+    kvStore.set(`${meterID}.remaining`, `${Nat(remaining)}`);
+    return harden({ underflow, notify });
+  }
+
+  function deleteMeter(meterID) {
+    insistMeterID(meterID);
+    kvStore.delete(`${meterID}.remaining`);
+    kvStore.delete(`${meterID}.threshold`);
+  }
+
   function hasVatWithName(name) {
     return kvStore.has(`vat.name.${name}`);
   }
@@ -1205,6 +1269,13 @@ export default function makeKernelKeeper(
     getRunQueueLength,
     getNextMsg,
 
+    allocateMeter,
+    addMeterRemaining,
+    setMeterThreshold,
+    getMeter,
+    deductMeter,
+    deleteMeter,
+
     hasVatWithName,
     getVatIDForName,
     allocateVatIDForNameIfNeeded,
diff --git a/packages/SwingSet/test/test-state.js b/packages/SwingSet/test/test-state.js
index dc3e74957007..f2b2b81fa55a 100644
--- a/packages/SwingSet/test/test-state.js
+++ b/packages/SwingSet/test/test-state.js
@@ -287,6 +287,7 @@ test('kernel state', async t => {
     ['kd.nextID', '30'],
     ['kp.nextID', '40'],
     ['kernel.defaultManagerType', 'local'],
+    ['meter.nextID', '1'],
   ]);
 });
 
@@ -321,6 +322,7 @@ test('kernelKeeper vat names', async t => {
     ['vat.name.vatname5', 'v1'],
     ['vat.name.Frank', 'v2'],
     ['kernel.defaultManagerType', 'local'],
+    ['meter.nextID', '1'],
   ]);
   t.deepEqual(k.getStaticVats(), [
     ['Frank', 'v2'],
@@ -369,6 +371,7 @@ test('kernelKeeper device names', async t => {
     ['device.name.devicename5', 'd7'],
     ['device.name.Frank', 'd8'],
     ['kernel.defaultManagerType', 'local'],
+    ['meter.nextID', '1'],
   ]);
   t.deepEqual(k.getDevices(), [
     ['Frank', 'd8'],
@@ -550,6 +553,7 @@ test('kernelKeeper promises', async t => {
     [`${ko}.owner`, 'v1'],
     [`${ko}.refCount`, '1,1'],
     ['kernel.defaultManagerType', 'local'],
+    ['meter.nextID', '1'],
   ]);
 });
 
@@ -663,3 +667,37 @@ test('XS vatKeeper defaultManagerType', async t => {
   k.createStartingKernelState('xs-worker');
   t.is(k.getDefaultManagerType(), 'xs-worker');
 });
+
+test('meters', async t => {
+  const { kvStore, streamStore } = buildKeeperStorageInMemory();
+  const k = makeKernelKeeper(kvStore, streamStore);
+  k.createStartingKernelState('local');
+  const m1 = k.allocateMeter(100, 10);
+  const m2 = k.allocateMeter(200, 150);
+  t.not(m1, m2);
+  k.deleteMeter(m2);
+  t.deepEqual(k.getMeter(m1), { remaining: 100, threshold: 10 });
+  t.deepEqual(k.deductMeter(m1, 10), { underflow: false, notify: false });
+  t.deepEqual(k.deductMeter(m1, 10), { underflow: false, notify: false });
+  t.deepEqual(k.getMeter(m1), { remaining: 80, threshold: 10 });
+  t.deepEqual(k.deductMeter(m1, 70), { underflow: false, notify: false });
+  t.deepEqual(k.deductMeter(m1, 1), { underflow: false, notify: true });
+  t.deepEqual(k.getMeter(m1), { remaining: 9, threshold: 10 });
+  t.deepEqual(k.deductMeter(m1, 1), { underflow: false, notify: false });
+  t.deepEqual(k.deductMeter(m1, 9), { underflow: true, notify: false });
+  t.deepEqual(k.getMeter(m1), { remaining: 0, threshold: 10 });
+  t.deepEqual(k.deductMeter(m1, 2), { underflow: true, notify: false });
+  t.deepEqual(k.getMeter(m1), { remaining: 0, threshold: 10 });
+  k.addMeterRemaining(m1, 50n);
+  t.deepEqual(k.getMeter(m1), { remaining: 50, threshold: 10 });
+  t.deepEqual(k.deductMeter(m1, 30), { underflow: false, notify: false });
+  t.deepEqual(k.deductMeter(m1, 25), { underflow: true, notify: true });
+  t.deepEqual(k.getMeter(m1), { remaining: 0, threshold: 10 });
+
+  k.addMeterRemaining(m1, 50n);
+  k.setMeterThreshold(m1, 40);
+  t.deepEqual(k.getMeter(m1), { remaining: 50, threshold: 40 });
+  t.deepEqual(k.deductMeter(m1, 10), { underflow: false, notify: false });
+  t.deepEqual(k.deductMeter(m1, 10), { underflow: false, notify: true });
+  t.deepEqual(k.getMeter(m1), { remaining: 30, threshold: 40 });
+});