Measuring el. consumption non-contact?

Pretty noobish question, but is there a smart way to "wirelessly" measure power consumption.
I know there are various meters being sold, but I would like this for a certain project and I do not want to tap into the power line itself due to various standards and safety hazards.
The voltage will always be ~220V. Amperage could be set via a dial on the Arduino made for this. Although the current draw probably changes depending on how much the equipment needs (driven by software in the equipment).
Is this enough to get meaningful data?

The usual method for mains AC is a "current transformer" that is placed around one of the AC conductors, and produces an output proportional to the current in the conductor; essentially just like a regular transformer, only with a single turn in the "primary."

This link to the Open Energy Monitor project should be a useful resource How to build an arduino energy monitor | Archived Forum

Whats the nature of the load that is being supplied and how accurate do you want the result to be.
Current clamp type measurements generally arnt all that accurate , and they assume constant voltage and unity power factor.