M-Bus a/k/a Meter-Bus is a European standard for energy consumption monitoring that they'll tell you is EN12345678, but not what it is.
TL/DR
It's a two wire system.
The master transmits by modulating between 36 V and 24 V across the wires.
The slaves respond by consuming 11 mA to 20 mA for a zero and less for a one.
Data runs up to 9600 baud, default 2400 baud.
Presumable you would need a driver supply for master and a current sense for the slaves.
The interface would be either 3.3 V or 5 V UART signal (not particularly "RS-232").
250 units on a wire drawing less than 10 mA would have to be doing < 40 µA each.
I guess that they'd accept a higher baseline current and simply look for an increase of 10 mA?