A receptacle includes a cooling channel that is positioned between a top port and a bottom port. A transfer member is positioned in the cooling channel and is configured to direct heat from an inserted plug module into the cooling channel Air flowing through the cooling channel acts to remove thermal energy from the receptacle. A connector system may include a plug module that can be inserted into such a receptacle and the plug module can include grooves to help allow for direct cooling of the plug module, even when inserted into the receptacle.