• Thermodynamic Available Energy (Exergy):
• (I) Theoretical Maximum Work: Defined by the Second Law of Thermodynamics as the maximum theoretical useful work extractable from a system as it proceeds to thermodynamic equilibrium with its surrounding environment through a completely reversible (ideal) process.
• (II) Dead State Equilibrium: Once all available energy is extracted, the system reaches the 'dead state' ($T = T_0, P = P_0$), possessing zero capacity to perform further work.
• Statement (III) is false: Real irreversible processes always generate entropy ($T_0 S_{\text{gen}}$), dissipating available energy into unavailable energy.
• Conclusion: (I) and (II) only (Option 2).

Correct option: (2) (I) and (I!) only