A refrigeration system operable to circulate refrigerant through the refrigeration system in order to cool a refrigeration load, the refrigeration system comprising: a gas cooler operable to receive the refrigerant and apply a first cooling stage to the refrigerant; a first heat exchanger and a second heat exchanger, the first heat exchanger located downstream of the gas cooler, the first heat exchanger operable to: receive the refrigerant cooled by the gas cooler; apply a second cooling stage to the refrigerant, the second cooling stage removing heat from the refrigerant; apply the heat removed during the second cooling stage to a water heating system operable to heat water, the water heating system comprising a water reservoir and a hot water tank and being operable to heat water from the water reservoir and deliver the heated water to the hot water tank; and discharge the refrigerant to an expansion valve operable to supply the refrigerant to the refrigeration load, wherein the second heat exchanger is located upstream of the gas cooler and is operable to: receive the refrigerant; apply a third cooling stage to the refrigerant; receive the water from the first heat exchanger; apply a second heating stage to the received water; and discharge the heated water to the hot water tank. a gas cooler operable to receive the refrigerant and apply a first cooling stage to the refrigerant; a first heat exchanger and a second heat exchanger, the first heat exchanger located downstream of the gas cooler, the first heat exchanger operable to: receive the refrigerant cooled by the gas cooler; apply a second cooling stage to the refrigerant, the second cooling stage removing heat from the refrigerant; apply the heat removed during the second cooling stage to a water heating system operable to heat water, the water heating system comprising a water reservoir and a hot water tank and being operable to heat water from the water reservoir and deliver the heated water to the hot water tank; and discharge the refrigerant to an expansion valve operable to supply the refrigerant to the refrigeration load, wherein the second heat exchanger is located upstream of the gas cooler and is operable to: receive the refrigerant; apply a third cooling stage to the refrigerant; receive the water from the first heat exchanger; apply a second heating stage to the received water; and discharge the heated water to the hot water tank. receive the refrigerant cooled by the gas cooler; apply a second cooling stage to the refrigerant, the second cooling stage removing heat from the refrigerant; apply the heat removed during the second cooling stage to a water heating system operable to heat water, the water heating system comprising a water reservoir and a hot water tank and being operable to heat water from the water reservoir and deliver the heated water to the hot water tank; and discharge the refrigerant to an expansion valve operable to supply the refrigerant to the refrigeration load, wherein the second heat exchanger is located upstream of the gas cooler and is operable to: receive the refrigerant; apply a third cooling stage to the refrigerant; receive the water from the first heat exchanger; apply a second heating stage to the received water; and discharge the heated water to the hot water tank. receive the refrigerant; apply a third cooling stage to the refrigerant; receive the water from the first heat exchanger; apply a second heating stage to the received water; and discharge the heated water to the hot water tank.