Ownership Submission
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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SPEDDEN ELWOOD
   2. Issuer Name and Ticker or Trading Symbol
ADVANCED ENERGY INDUSTRIES INC [AEIS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1625 SHARP POINT DRIVE		 3. Date of Earliest Transaction (Month/Day/Year)
05/04/2005
(Street)

FORT COLLINS, CO US		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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)
Code V Amount (A) or (D) Price
Common Stock               0 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Director Stock Option (right to buy) $ 11.05             09/20/1995(1) 09/20/2005 Common Stock 4,500   4,500 D  
Director Stock Option (right to buy) $ 6.125             12/16/1996(2) 12/16/2006 Common Stock 2,500   7,000 D  
Director Stock Option (right to buy) $ 29.875             09/22/1997(2) 09/22/2007 Common Stock 2,500   9,500 D  
Director Stock Option (right to buy) $ 8.25             09/20/1998(2) 09/20/2008 Common Stock 2,500   12,000 D  
Director Stock Option (right to buy) $ 36.9375             09/20/1999(2) 09/20/2009 Common Stock 2,500   14,500 D  
Director Stock Option (right to buy) $ 46.125             09/19/2000(2) 09/19/2010 Common Stock 2,500   17,000 D  
Director Stock Option (right to buy) $ 18.08             09/20/2001(2) 09/20/2011 Common Stock 2,500   19,500 D  
Director Stock Option (right to buy) $ 8.6             09/20/2002(2) 09/20/2012 Common Stock 2,500   22,000 D  
Director Stock Option (right to buy) $ 10.67             05/07/2003(3) 05/07/2013 Common Stock 5,000   27,000 D  
Director Stock Option (right to buy) $ 14.4             05/05/2004(3) 05/05/2014 Common Stock 5,000   32,000 D  
Director Stock Option (right to buy) $ 10.9 05/04/2005   A   5,000   05/04/2005(3) 05/04/2015 Common Stock 5,000 $ 10.9 37,000 (4) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SPEDDEN ELWOOD
1625 SHARP POINT DRIVE
FORT COLLINS, CO US		   X      

Signatures

 Mary K. Derr - Attorney-in-Fact   05/05/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The director stock option granted on September 20, 1995 was immediately exercisable as to 2,500 shares of Common Stock and vested as to 2,500 shares on each of September 20, 1997 and September 20, 1998.
(2) The director stock options granted on December 26, 1996, Septemebr 22, 1997, September 20, 1998, September 20, 1999, September 19, 2000, September 20, 2001 and September 20, 2002 will vest as to 2,500 shares of Common Stock on the third anniversary of the grant date.
(3) The director stock options granted on May 7, 2003, May 5, 2004 and May 4, 2005 are fully exercisable on the date of grant.
(4) Mr. Spedden has Director Stock Options (right to buy) for a total of 37,000 shares of Common Stock with the above exercise prices and expiration dates.

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