  We develop a thermodynamic description of particles held at a fixed surface
potential. This system is of particular interest in view of the continuing
controversy over the possibility of a fluid-fluid phase separation in aqueous
colloidal suspensions with monovalent counterions. The condition of fixed
surface potential allows in a natural way to account for the colloidal charge
renormalization. In a first approach, we assess the importance of the so called
``volume terms'', and find that in the absence of salt, charge renormalization
is sufficient to stabilize suspension against a fluid-fluid phase separation.
Presence of salt, on the other hand, is found to lead to an instability. A very
strong dependence on the approximations used, however, puts the reality of this
phase transition in a serious doubt. To further understand the nature of the
instability we next study a Jellium-like approximation, which does not lead to
a phase separation and produces a relatively accurate analytical equation of
state for a deionized suspensions of highly charged colloidal spheres. A
critical analysis of various theories of strongly asymmetric electrolytes is
presented to asses their reliability as compared to the Monte Carlo
simulations.
