Here we present a model describing the particle size dependence of the oxidation enthalpy of aluminum nanoparticles. The model includes the size dependence of the cohesive energy of the reactant particles, the size dependence of the product lattice energy, extent of product agglomeration, and surface capping effects. The strongest effects on aluminum nanoparticle energy release occur for particle diameters below 10 nm, with enhanced energy release for agglomerated oxide products and decreased energy release for nanoscale oxide products. An unusual effect is observed with all nanoparticle reaction enthalpies converging to the bulk value when agglomeration of the products approaches the transition between nanoparticle→nanoparticle and nanoparticle→bulk energetics. Optimal energy output for Al NP oxidation should occur for sub-10-nm particles reacting with significant agglomeration.