I can't be too sure but let me run thru my hunch on this one senice you say you have meter controlled switch for water heater and heat pump ?
If so then you have one relay a DPDT or DPST depending on the POCO set up the relay.
so let say WH1 and WH2 is waterheater circuit #1 and #2 's
HP1 and HP2 that is for heat pump
I will describe a very crude diagram here { I hope Stubbie can make a drawing as i will explain along the way }
Ok you have WH1,WH2 from one double pole breaker and HP1 HP2 from other double pole breaker.,
Ok got it so far?
Now let go down the " path " to the relay box .,
The WH1 and WH2 will be in the relay box as HP1 HP2 will be there as well.
{ It willbe a wise time to mark each circuit so you dont get this mix up you will see why a little bit }
Now the HW1 will bypass the relay connection it will go direct to the waterheater.
Just hold on a min before you fly out of the chair here.,,
The HP1 will bypass the relay and it will go driect to the HP disconnect switch.
Ok Now here the tricky part

.,
The relay is there and you will see two concats let say C1A and C1B for one side while other side will call C2A and C2B
The second lead { WH2} from the breaker will land at C1A then outgoing wire from C1B will go to the waterheater while the HP2 from the breaker will arrive at C2A then the C2B will go to the heatpump disconnect switch
the function of relay is to inturpet the power when the POCO meter signal trip the relay to open them { off } or close them { on } depending on the time of day and hours.
Normally this what the common way to wired but if not the same way let us know I am sure there is other route as well due I know at least 2 most common way with the Peaking relay.
Oh yeah the last thing about waterheater make sure you get the tank filled up with water first before you turn on the power otherwise you will burn up the element.
Hope this will help ya with some info.
Merci,Marc