A three-level inverter includes a first semiconductor switching element disposed between a direct-current high potential terminal and an alternating-current output terminal, a second semiconductor switching element disposed between a direct-current low potential terminal, which is paired with the direct-current high potential terminal, and the alternating-current output terminal, first and second reflux diodes which are disposed reverse-parallelly with the first and second semiconductor switching elements, respectively, and a semiconductor circuit which controls gate voltages of the first and second semiconductor switching elements by selectively applying thereto a direct-current intermediate voltage which is given to a direct-current intermediate potential terminal. Inductance elements are connected in series to the first and second reflux diodes, respectively.