Utility providers are relying more often on smart, wirelessly connected smart meters to collect consumption information of their customers. The sheer amount of connected smart meters and the growing requirements to provide more frequent reports from each device are putting a large strain on existing systems and protocols. In this paper, we propose three novel lossless compression schemes that significantly reduce the size of standard DLMS data messages uploaded by smart electricity meters. Using real life data sets, we show that these methods can achieve compression rates of over 90% while being transparent to the DLMS protocol and eliminating the privacy concerns of the existing compression methods.