Japan bought the most expensive shipment of natural gas in history as the growing global energy crisis creates new risks of blackouts and increased competition for fuel imports.

Nippon Steel bought a shipment of liquefied natural gas (LNG) for delivery in September at $40 per million British thermal units, traders said. The shipment is the most expensive in Japanese history, they said.

Bloomberg estimates the shipment is likely to cost more than $135 million, and it shows the price Japan has to pay as it struggles with power outages and high demand.

Tokyo has experienced 2 major power outages this year, including one during last month's heat wave.