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The recent deployment of smart grids has proven to bring numerous advantages in terms of energy consumption reduction in both homes and businesses. A more accurate measurement of up-to-date electricity necessities through smart meters utilization leads to an enhancement in the ability of monitoring, controlling and predicting energy use. Nevertheless, it has associated drawbacks related to the privacy of customers as well, since such management might reveal their personal habits and behavior, which electrical appliances they are using at each moment, whether they are at home or not, and so on. In this article we present a privacy enhanced architecture for smart metering aimed to tackle this threat by means of a new and novel protocol encrypting individual measurements while allowing the electricity supplier to access the aggregation of the corresponding decrypted values. The technique being used is named additively homomorphic encryption, and enables the direct connection and exchange of data between electricity suppliers and final users, while preserving the privacy of the latter.