Pros
Great place to be if you want to be a "lifer"--Good pay given the cost of living, good (but deteriorating) benefits, decent work-life balance. You can come in and do your job, stay there for the rest of your life, and if you don't mind never getting promoted, this is the place for you.
Kontras
Quite a bit of incompetent management. Management is VERY risk-averse, even for issues not related to the electric grid. Limited career growth options. Complete lack of strategic direction both at the corporate and department levels. Huge amounts of beaurocracy: a lot of lifers who need the red-tape to keep their jobs. Some VERY bad managers and sr. managers despised by many but they never get removed because of a culture of tolerance for incompetence. There's no competition (for the company or, internally) and that in itself breeds an enviornment where A) it's hard to get ahead and B) there's no way to measure people.