Water cooled panel used in an electric furnace

A water cooled panel to be used in an electric furnace comprising a base plate of 6 to 30 mm thick, a length less than 1/8 of the furnace shell circumference and smaller than 2/3 of the height of the side walls, multiple fins of thickness of 1/3 to 4/3 of that of the base plate horizontally placed on one side of the base plate with a spacing of 40 to 100 mm and protruding 30 to 150 mm toward the inside of the furnace, multiple steel channels having a water flowing area of 4 to 56 cm.sup.2 and a thickness of 1/3 to 4/3 of that of the base plate, welded horizontally side by side in principle on the other side of the base plate, to the ends of which a connecting element is welded to complete a snake-like continuous water flow from one channel to another both ends of which are equipped with a water inlet and an outlet mouth, and a plurality of fixtures welded on the same side of the water flowing channels to fasten the panel to the shell of the furnace, weldment of said fins and that of said water flowing channels being different in location across the base plate.