The optical absorption spectrum of liquid water was analyzed. Within t
he framework of the semiconductor model, it was shown that irradiation
of liquid water leads to formation of excitons of energy 5.76 eV. The
spectrum of exciton energies was calculated. The dynamics of exciton
relaxation was studied. The water ionization energy was estimated from
the optical absorption spectrum to be 9.2 eV. Ionization of water und
er UV laser irradiation was considered in terms of exciton-exciton cou
pling, which reduces the effective ionization energy to 6.5 eV. The me
chanism of radiolysis of dilute aqueous solutions was discussed. The c
alculations showed that more than 70% of absorbed energy is delocalize
d because of generation of excitons and plasmons in water.