2 quarts water
1 large onion, roughly chopped
4 stalks celery, roughly chopped
4 dried bay leaves
1 tablespoon kosher salt
1/2 teaspoon black peppercorns
2 pounds medium fresh shrimp (heads on)
In a large stockpot, combine 2 quarts water, onion, celery, bay leaves, salt, and peppercorns. Bring mixture to a boil over high heat; reduce heat to medium, and simmer.
Prepare an ice-water bath for shrimp. Add shrimp to simmering water. Remove shrimp when they are pink and firm, and plunge into ice-water bath.
Continue simmering mixture while shrimp cool. Peel shrimp, reserving heads and tails. Add shrimp heads and tails to simmering liquid. Continue simmering until liquid is reduced by half. Remove from heat, and strain.
Let cool completely, and store covered in refrigerator for up to 1 week, or freeze. Reserve peeled shrimp for Gingery Broth with Shrimp and Green Onion.