An elevator and a method for determining energy and/or power consumption of an elevator, the elevator comprising a drive system comprising a drive unit for driving an electric motor and an elevator control system for controlling the drive system, wherein at least two different operating states are used for the elevator. The method comprises measuring at least part of power and/or energy consumption of the drive system, at least when the elevator is moving, determining duration which the elevator spends in different operating states of the elevator, and determining energy and/or power consumption of the elevator based at least in part on the measured power and/or energy consumption of the drive system and determined and/or estimated energy and/or power consumption in different operating states of the elevator.