The invention presents a cold beverage dispenser which uses a heat exchanger to cool incoming water with a very cold closed loop of chilled coolant. Under control of a control system, the cooled water from the heat exchanger is mixed with uncooled in put water to regulate its temperature, then (if desired) carbonated. The regulated temperature water, optionally carbonated, is mixed with a liquid concentrate and dispensed at one or more dispensing stations. Preferably, the temperature, carbonation and strength of the dispensed beverage is controllable by the consumer.