The thermodynamic stability of the optically excited electrons and holes in a semiconductor is investigated in a wide temperature-density range. In dependence on the position of the instability region with respect to the Mott curve the two coexisting phases (i), (ii) m a y have very different properties: e.g. (i) drops of degenerate electrons and holes and (ii) a partially ionized plasma of excitons, electrons, and holes. For Ge the region of instability is determined. For this purpose the chemical potential is calculated exactly at all temperatures in the ideal and Hartree-Fock contributions and approximately in the correlation part,, using exact formulae for the highly degenerate and the non-degenerate cases. I n the low density region the mass action law is taken into account.