Pros
The benefits are great. Low-stress work environment most of the time. Company looks to hire people that can get along with others, hence it is almost always the case that you will be working with someone that is respectful, courteous, and probably even funny. Work-life balance is expected, and employees are even encouraged to take time off for vacations. Rarely will someone have to work more than 40 hours a week. Alternate work weeks. Yearly bonus (even in times of recession). Most of IT is 50 years old or greater (provides room for growth when they retire). The power company isn't going anywhere!
Cons
The pay is less than at other companies. Slow to adapt to new technology (although getting better). Most of IT is 50 years old or greater (less of a chance to make friends at work). Most of the IT work is internal (i.e. can't show your family and friends what you've worked on).