Flamm, BenjaminBenjaminFlammEichler, AnnikaAnnikaEichlerSmith, Roy S.Roy S.SmithLygeros, JohnJohnLygeros2022-05-312022-05-312019-09Journal of Physics: Conference Series 1343 (1): 012060 (2019-11-20)http://hdl.handle.net/11420/12755Necessary conditions for conducting arbitrage on electricity spot market prices are presented for large-scale, generic energy storage devices, as a function of device power, conversion efficiency, and per-period operating costs. A mixed integer linear program (MILP) is formulated that uses piecewise-affine approximations of potentially nonlinear energy conversion efficiency to maximize arbitrage over a fixed period. By initially removing storage limit constraints, the optimal solution to the MILP is shown to be a threshold policy, with device operating power a monotonic function of price level. The initial assumption of no storage limits is then revisited. The objective is found to be relatively insensitive to device storage limits, provided the storage size is within an order of magnitude of the optimal storage size for the given problem data.en1742-659620191IOP Publ.PhysikConference Paper10.1088/1742-6596/1343/1/012060Other