[LETTERHEAD OF ARTHUR ANDERSEN LLP]

                                                      Exhibit 23.1



              CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

     As independent public  accountants,  we hereby consent to the
incorporation  by  reference  in this  Registration  Statement  on
Form S-8 of our report dated February 6, 1998 included in Advanced
Energy  Industries,  Inc.'s Form 10-K  for the year ended December
31, 1997.


                                          /s/  ARTHUR ANDERSEN LLP

Denver, Colorado
October 6, 1998