In the past, the waveguide electroabsorption effect has generally been used as an intensity modulator for quasi-monochromatic light, such as lasers. Here, we study how this effect affects polychromatic light spectra. We find that for light with a Gaussian distribution spectrum, the spectral peak shift (red shift or blue shift) can be controlled by the magnitude of the applied voltage, as long as the center wavelength and the spectral band are properly selected. This result can be used as a data transmission scheme at the integrated chip level or in free space. It may offer a good option for some other light sources, such as low-cost LED or ELED (edge emitting LED), with wider spectral bandwidths.