We report on a thermodynamic analysis for water electrolysis from normal conditions (P = 0.1 MPa, T = 298 K) up to heretofore unaddressed temperatures of 1000 K and pressures of 100 MPa. Thermoneutral and reversible potentials are determined using equations-of-state published by the International Association for the Properties of Water and Steam and the National Institute of Standards and Technology. The need for using accurate property models at these elevated temperatures and pressures is exemplified by contrasting results with those obtained via ideal assumptions. The utility of our results is demonstrated by their application in an analysis comparing pressurized electrolysis versus mechanical gas compression. Within the limits of our analysis, pressurized electrolysis demonstrates lower energy requirements albeit with electrical work composing a greater proportion of the total energy input.