Here are the top business stories making the headlines in the morning newspapers.
Surprise capacity warning from National Grid
The National Grid issued a surprise warning on its capacity for Tuesday night as British households were expected to increase energy consumption during the cold snap.
The Telegraph says a "tight electricity margin" notice was sent out warning of a potential shortage from 7pm.
But the National Grid quickly cancelled the notice as its contingency plans were activated, but experts said it was a signal of "much tighter days ahead".
The electricity network operator issues such warnings when there may be less generation available than operators expect will be needed to meet national electricity demand.
It comes with temperatures dropping as Britain heads into the winter months, combined with a drop in the amount of wind power typically generated.
The pinch point for the grid came as wind power generation fell to a low as 3,958 megawatts at noon on Tuesday - less than half of the 10,000 megawatts produced a day earlier.
Decision this morning on referendum power
Supreme Court judges are to rule today on whether the Scottish Government has the power to hold another independence referendum.
First Minister Nicola Sturgeon wants a referendum to be held in October next year.
But the UK Government has refused to give formal consent for the vote to go ahead.
The court was asked to clarify whether the Scottish Parliament can legislate for a referendum without that consent.
Its decision is due to be delivered at 9.45am, with the BBC saying the result potentially having huge implications for the future of the UK.
Global energy crisis hits UK hard
The British economy will suffer a bigger blow from the global energy crisis than other leading nations, according to international body the Organisation for Economic Cooperation and Development.
The BBC says the UK will contract by 0.4% next year - more than any other nation in the G7 group, it said.
Growth in the US and the eurozone will be weak, but Germany is the only other major economy expected to shrink.
More rail strike dates
Rail passengers face yet more disruption in the run-up to Christmas after the RMT union announced more strike dates.
The BBC says industrial action will be held across four 48-hour periods on December 13-14 and December 16-17 and January 3-4 and 6-7.
Services have been severely disrupted in recent months as the row over pay, working conditions and job security has continued.
The RMT said the latest strike action would send "a clear message" that workers want a better deal.
Its members at Network Rail and 14 train companies voted last week in favour of further walkouts.
Bank is 'overly pessimistic'
The Bank of England has been accused of being overly pessimistic about its outlook for the UK economy by the Government's official tax and spending watchdog.
Richard Hughes, chairman of the Office for Budget Responsibility (OBR), said Threadneedle Street was an "outlier" compared to other forecasters.
The Telegraph says that, on Tuesday, he told the Treasury committee: "The OBR's forecast is more optimistic for the growth outlook than the Bank's forecast, we have a shorter recession and we recover to a higher level of GDP than the Bank.
"It's actually the Bank which is a bit of an outlier in being so pessimistic, in particular about the length of the recession that we both think has already begun."
He added that the Bank was a "techno-pessimist" in its assumptions about the pace of technological growth and how it will influence economic activity.
"I think the people who are very pessimistic about the outlook for technological growth and those who think at some point we are just going to go back to the world we were in the late 90s/early 00s (are wrong)," said Mr Hughes.
Petrofac boss to depart
Energy services giant Petrofac has announced that its chief executive is heading for the exit door.
Energy Voice says Sami Iskander will leave the London-listed firm at the end of March to "pursue other interests".
He will be replaced as CEO by Tareq Kawash, who will take up the mantle on April 1, following an "orderly handover". He joins from McDermott.
A former Shell vice president, Mr Iskander became Petrofac CEO in November 2020, taking over from long-term boss Ayman Asfari after he announced his retirement.
Flats plan for city office complex
An Aberdeen office complex could be turned into flats just months after being vacated by an energy firm.
The five-storey Cromarty House block by the harbour was sold this summer, following DNV's move to Dyce.
The Press and Journal says Aberdeen-based Lionstone Investment Holdings wants to turn it into 40 apartments.
Scottish alcohol consumption down
Alcohol consumption has reduced in the three years since minimum unit pricing (MUP) was introduced, a study has found.
The report by Public Health Scotland said there had been a 3% net reduction in sales per adult in Scotland's shops.
The BBC says the biggest reductions were in the sale of cider and perry, with increases in the sales of wine and fortified wine.
The Scottish Government said the policy is "achieving what it set out to do."
MUP set a floor price of 50p per unit of alcohol.