A thermal management system for one or more aircraft components, comprising: a bleed airflow source at a gas turbine engine of the aircraft; a first turbine and a second turbine configured to expand the bleed airflow, thus lowering a temperature of the bleed airflow, the bleed airflow driving rotation of the first turbine and the second turbine, the first turbine and the second turbine arranged in a fluidly serial arrangement; a first heat exchanger disposed between the first turbine and the second turbine, the first heat exchanger configured to exchange thermal energy between the bleed airflow and a first thermal load; a second heat exchanger disposed fluidly downstream of the second turbine, the second heat exchanger configured to exchange thermal energy between the bleed airflow and a second thermal load; one or more electrical generators operably connected to the first and second turbines, the one or more electrical generators configured to convert rotational energy of the first and second turbines to electrical energy; and an intermediate heat exchanger disposed fluidly upstream of the first turbine such that bleed airflow exiting the first heat exchanger is directed through the intermediate heat exchanger to exchange thermal energy with the bleed airflow upstream of the first turbine, before the bleed air flow from the first heat exchanger proceeds to the second turbine. a bleed airflow source at a gas turbine engine of the aircraft; a first turbine and a second turbine configured to expand the bleed airflow, thus lowering a temperature of the bleed airflow, the bleed airflow driving rotation of the first turbine and the second turbine, the first turbine and the second turbine arranged in a fluidly serial arrangement; a first heat exchanger disposed between the first turbine and the second turbine, the first heat exchanger configured to exchange thermal energy between the bleed airflow and a first thermal load; a first turbine and a second turbine configured to expand the bleed airflow, thus lowering a temperature of the bleed airflow, the bleed airflow driving rotation of the first turbine and the second turbine, the first turbine and the second turbine arranged in a fluidly serial arrangement; a first heat exchanger disposed between the first turbine and the second turbine, the first heat exchanger configured to exchange thermal energy between the bleed airflow and a first thermal load; a second heat exchanger disposed fluidly downstream of the second turbine, the second heat exchanger configured to exchange thermal energy between the bleed airflow and a second thermal load; one or more electrical generators operably connected to the first and second turbines, the one or more electrical generators configured to convert rotational energy of the first and second turbines to electrical energy; and an intermediate heat exchanger disposed fluidly upstream of the first turbine such that bleed airflow exiting the first heat exchanger is directed through the intermediate heat exchanger to exchange thermal energy with the bleed airflow upstream of the first turbine, before the bleed air flow from the first heat exchanger proceeds to the second turbine.