An improved cooling system for adapting to a two-component welding electrode device having a shank and cap, includes a retractable nozzle tube, a manifold, and an adjustment element for adjustably interconnecting the tube and manifold. A threaded bushing or plunger is attached to the tube and operable to adjust the distance between the interior surface of the cap and the outlet of the tube to a preferred distance. A threaded sleeve interconnects the tube and bushing for additional adjustability. The tube defines an elastically compressible bellows section, and a spacer is removably attached to the distal end of the tube for automatic adjustment of the outlet position by the cap.