Apparatus and method are provided for cooling an electronics rack in an energy efficient, dynamic manner. The apparatus includes one or more extraction mechanisms for facilitating cooling of the electronics rack, an enclosure, a heat removal unit, and a control unit. The enclosure has an outer wall, a cover coupled to the outer wall and a central opening sized to surround the electronics rack and the heat extraction mechanism. A liquid coolant loop couples the heat removal unit in fluid communication with the heat extraction mechanism, which removes heat from liquid coolant passing therethrough. The control unit is coupled to the heat removal unit for dynamically adjusting energy consumption of the heat removal unit to limit its energy consumption, while providing a required cooling to the electronics rack employing the liquid coolant passing through the heat extraction mechanism.