A subsea power module includes an outer pressure compensated vessel defining an interior chamber and one or more heat generating electrical components disposed within the interior chamber. The outer pressure compensated vessel is configured to maintain a pressure within the interior chamber substantially the same as an ambient pressure outside the outer pressure compensated vessel. Each of the electrical components may be disposed within an inner chamber of a pressure vessel disposed within the interior chamber of the outer pressure compensated vessel. Each of the one or more heat generating electrical components is configured to transfer heat generated within the interior chamber of the outer pressure compensated vessel through the wall defining the interior chamber to a fluid, such as seawater, surrounding the outer pressure compensated vessel.