Twenty years ago Poole et al. (Nature 360, 324, 1992) suggested that the anomalous properties of supercooled water may be caused by a critical point that terminates a line of liquid-liquid separation of lower-density and higher-density water. Here we present an explicit thermodynamic model based on this hypothesis, which describes all available experimental data for supercooled water with better quality and with fewer adjustable parameters than any other model suggested so far. Liquid water at low temperatures is viewed as an 'athermal solution' of two molecular structures with different entropies and densities. Alternatively to popular models for water, in which the liquid-liquid separation is driven by energy, the phase separation in the athermal two-state water is driven by entropy upon increasing the pressure, while the critical temperature is defined by the 'reaction' equilibrium constant. In particular, the model predicts the location of density maxima at the locus of a near-constant fraction (about 0.12) of the lower-density structure.

7 pages, 6 figures. Version 2 contains an additional supplement with tables for the mean-field equation