Exhibit 99.1

[LOGO] QUANTA SERVICES                                             PRESS RELEASE

FOR IMMEDIATE RELEASE
02-34

Contacts:      James Haddox, CFO              Ken Dennard / kdennard@drg-e.com
               Reba Reid                      Lisa Elliott / lisae@drg-e.com.com
               Quanta Services, Inc.          DRG&E
               713-629-7600                   713-529-6600

                 Quanta Services Closes Additional $72.9 Million
                 Equity Investment by First Reserve Corporation

HOUSTON - December 23, 2002 - Quanta Services, Inc. (NYSE: PWR) announced today
that it has closed on the second equity investment by First Reserve Fund IX,
L.P., a private equity fund managed by First Reserve Corporation, after
successfully amending certain provisions of its agreements with its lenders and
senior secured note holders.

     First Reserve Corporation has purchased 2,430,741 shares of Series E
Preferred Stock for $30.00 per share, each share of which, upon shareholder
approval, will be convertible into ten common shares. Proceeds from the sale of
shares to First Reserve will be used initially to pay down outstanding balances
under the company's credit facility. As announced on October 16, 2002, the First
Reserve Fund purchased from Quanta 8,666,666 shares of common stock at $3.00 per
share, and purchased from Aquila, Inc. 3,303,100 shares of Quanta common stock
at $3.00 per share and 939,380 shares of Quanta Series A Preferred Stock
(convertible into 4,696,900 shares of common stock) at $3.00 per common share
equivalent.

     "We are very pleased with First Reserve becoming the largest shareholder in
Quanta and providing growth capital," stated John Colson, chairman and chief
executive officer. "We believe we are well served by having a partner like First
Reserve on our team."

     Ben Guill, president of First Reserve, has joined the Company's board of
directors. In addition, First Reserve has the right to nominate two other
members to the Company's board of directors.

     First Reserve now owns approximately 37 percent of Quanta's voting stock,
assuming full conversion of the Series E Preferred Stock and Series A Preferred
Stock. A meeting of Quanta's stockholders to approve the convertibility of the
Series E Preferred Stock is scheduled for December 27, 2002. First Reserve has
an agreement with Quanta not to exceed a 37 percent investment without the
consent of Quanta's independent directors.

     Quanta also announced today that its Board has approved a voluntary program
to exchange eligible options for restricted stock. Under the program, employees
holding stock options granted under the company's 2001 Stock Incentive Plan with
a per share exercise price

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equal to or greater than $10.00, have the opportunity to cancel those options in
exchange for restricted shares of the company's common stock. The restricted
stock issued in the exchange will vest over a three-year period. If all eligible
employees accept the offer, approximately 7.8 million outstanding options will
be cancelled and approximately 3.2 million shares of restricted common stock
will be issued. In conjunction with the offer, the number of shares of common
stock that may be issued under Quanta's 2001 Stock Incentive Plan will be
reduced from 15 percent of common stock outstanding to 12 percent of common
stock outstanding (in each case, assuming full conversion of the company's
Series A and Series E convertible stock).

     Based in Houston, Texas and in Greenwich, Connecticut, First Reserve is an
independently owned firm that invests exclusively within the energy and
energy-related sectors of the world economy. It is the leading private equity
firm specializing in the energy industry with $2.6 billion under management.
First Reserve is currently the largest shareholder of Dresser, Inc., Chicago
Bridge & Iron, Pride International, and Superior Energy Services.

     Quanta Services, Inc. is a leading provider of specialized contracting
services, delivering end-to-end network solutions for electric power, gas,
telecommunications and cable television industries. The company's comprehensive
services include designing, installing, repairing and maintaining network
infrastructure nationwide.

This press release contains various forward-looking statements and information
that are based on management's belief as well as assumptions made by and
information currently available to management. Although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct. Such statements are subject to certain risks, uncertainties and
assumptions. Should one or more of these risks materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
expected. For a discussion of the risks, investors are urged to refer to the
Company's reports filed under the Securities Exchange Act of 1934.

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