Your query is a bit surprising. MHD is usually about propulsion or conversion of work to electricity; do you really mean electrolysis, whose goal with water is to split oxygen and hydrogen, or rather consider a current through water for MHD purpose?
Then, thermodynamics is rarely useful with liquids, when their volume changes little. Why thermodynamics? MHD is already complicated enough, it's a matter of electromagnetism that is made much worse by flow instability. If the purpose is to make thrust from a current, study the electromagnetic and flow aspects, not thermodynamic ones.
And why MHD anyway? It's extremely inefficient, because all the voltage is lost in ohmic loss instead of useful flow speed. The biggest known achievements (submarines are rumoured to do better, I doubt) report "efficiencies" like 5%. To obtain thrust from electricity, let an electric motor rotate a propeller.