We demonstrate Mach-Zehnder interferometric waveguide intensity modulators which employ electrorefraction due to the quantum-confined Stark effect in multiple quantum well (MQW) GaAs/AlGaAs. These devices exhibit average half-wave voltage-length products as low as 3.0 V/spl middot/mm and extinction ratios greater than 23.8 dB, which are superior to any MQW devices of this type. An effective index based model is developed to extract linear and quadratic electro-optic coefficients from the modulation data. Also, the power handling limitations of MQW modulators are discussed in terms of device performance and catastrophic electrical failure.< <ETX xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">></ETX>