ADVANCED ENERGY INDUSTRIES INC (Form: 4, Received: 10/16/2003 14:15:33)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* GUILMART JAMES G	2. Issuer Name and Ticker or Trading Symbol ADVANCED ENERGY INDUSTRIES INC [ AEIS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __ X __ Officer (give title below) _____ Other (specify below) SVP of Customer Operations
(Last) (First) (Middle) 1625 SHARP POINT DRIVE	3. Date of Earliest Transaction (MM/DD/YYYY) 10/15/2003
(Street) FORT COLLINS, CO US (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								205	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$36.5625							10/13/2000 ⁽¹⁾	10/13/2009	Common Stock	10000		10000	D
Employee Stock Option (right to buy)	$43.6875							1/13/2001 ⁽¹⁾	1/13/2010	Common Stock	2000		12000	D
Employee Stock Option (right to buy)	$60.75							7/13/2001 ⁽¹⁾	7/13/2010	Common Stock	25000		37000	D
Employee Stock Option (right to buy)	$30.1875							10/11/2001 ⁽¹⁾	10/11/2010	Common Stock	25000		62000	D
Employee Stock Option (right to buy)	$26.125							2/7/2002 ⁽¹⁾	2/7/2011	Common Stock	4688		66688	D
Employee Stock Option (right to buy)	$28.55							4/11/2002 ⁽¹⁾	4/11/2011	Common Stock	4688		71376	D
Employee Stock Option (right to buy)	$36.49							5/24/2002 ⁽³⁾	5/24/2011	Common Stock	500		71876	D
Employee Stock Option (right to buy)	$32.19							7/11/2002 ⁽¹⁾	7/11/2011	Common Stock	4687		76563	D
Employee Stock Option (right to buy)	$18.00							10/10/2002 ⁽¹⁾	10/10/2011	Common Stock	4687		81250	D
Employee Stock Option (right to buy)	$24.90							2/12/2003 ⁽¹⁾	2/12/2012	Common Stock	10000		91250	D
Employee Stock Option (right to buy)	$38.55							4/16/2003 ⁽¹⁾	4/16/2012	Common Stock	10000		101250	D
Employee Stock Option (right to buy)	$17.85							7/18/2003 ⁽¹⁾	7/18/2012	Common Stock	10000		111250	D
Employee Stock Option (right to buy)	$7.70							10/17/2003 ⁽¹⁾	10/17/2012	Common Stock	10000		121250	D
Employee Stock Option (right to buy)	$9.12							2/12/2004 ⁽¹⁾	2/12/2013	Common Stock	5000		126250	D
Employee Stock Option (right to buy)	$7.61							4/16/2004 ⁽¹⁾	4/16/2013	Common Stock	5000		131250	D
Employee Stock Option (right to buy)	$19.24							7/23/2004 ⁽¹⁾	7/23/2013	Common Stock	5000		136250	D
Employee Stock Option (right to buy)	$22.52	10/15/2003		A		5000		10/15/2004 ⁽¹⁾	10/15/2013	Common Stock	5000	$22.52	141250 ⁽²⁾	D

Explanation of Responses:
(1)	Stock option dated 10/13/1999, 01/13/2000, 07/13/2000, 10/11/2000, 02/07/2001, 04/11/2001, 07/11/2001, 10/10/2001, 02/12/2002, 04/16/2002, 07/18/2002, 10/17/2002, 02/12/2003, 04/16/2003, 07/23/2003 and 10/15/2003 are such that 1/4 of the shares become exercisable on the first anniversary following the date of grant, and the remaining shares become exercisable in equal increments each quarter for 3 years thereafter.
(2)	Mr. Guilmart has Employee Stock Options (right to buy) for a total of 141,250 shares of Common Stock.
(3)	Stock option dated May 24, 2001 is fully exercisable 1 year from the date of grant, which was May 24, 2002.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
GUILMART JAMES G 1625 SHARP POINT DRIVE FORT COLLINS, CO US			SVP of Customer Operations

Signatures
Michael El-Hillow - Attorney-in-Fact		10/15/2003
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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POWER OF ATTORNEY





 Know all by these presents, that the undersigned hereby constitutes and appoints each of Douglas S. Schatz, Michael El-Hillow, Gary D. Watkins and Catherine L. Kawakami, signing singly, the undersigned's true and lawful attorney-in-fact to:

(1) execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of Advanced Energy Industries, Inc. (the "Company"), Forms 3, 4 and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder;



(2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4, or 5 and timely file such form with the United States Securities and Exchange Commission and any stock exchange or similar authority; and



(3) take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.



       The undersigned hereby grants to each such attorney-in-fact power and authority to do and perform any and every act and thing whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

       The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 16 of the Securities Exchange Act of 1934 and the rules thereunder.

       This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

       IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 18th day of September, 2003.

/s/ James G. Guilmart