In a large saucepan combine water and shortening. Bring to a boil. Add flour all at once, stirring vigorously. Cook and stir until mixture forms a ball. Remove from heat. Cool for 10 minutes while preheating over to 450 degrees F. Add eggs, 1 at a time, beating well after each addition. Stir in pepperoni, cheese, parsley, garlic powder, and pepper.