Theoretically, it is possible to use the same twisted pair for transmission and reception, but the ordinary, cheap serial interface circuits don´t support this so it is better to devote one pair for transmission and another for reception. By using a master-slave type protocol, such as the normal response mode (NRM) in HDLC, we can use one branching cable instead of a separate pair for each device. We also have to provide for power delivery to the substations somehow. Unfortunately, the resistance of a standard twisted pair cable is too high for this purpose.
The interface circuit between the cable and a meter/control device might consist of a simple microcontroller and an AD- (or DA-) converter.