A power electronics rack includes a switching chamber provided with one or more plate heat exchangers to receive a cooling fluid. A contactor chamber has contactors for connecting switches in the switching chamber to a magnetics chamber. The magnetics chamber receives at least one of a filter, an inductor or a transformer. The magnetics chamber receives cooling fluid which directly contacts the at least one of a filter, an inductor and a transformer for cooling. A common cooling circuit delivers cooling fluid to both the switching and magnetics chambers. The contactors may be reconfigured under certain conditions.