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Electricity rates are already higher in Newfoundland than they are in Manitoba. The mess they're in would have seen those rates almost double. Newfoundland and Labrador has been in a financially precarious position for quite some time, and the deal would help them avoid a situation where electricity rates would be so high that their economy and people would suffer further.  
 
Before you start talking about separation, you may be interested to know that in 2020, Manitoba got the 4th highest equalization payment per person from the federal government - even more than Quebec gets per person.  
 
Manitoba gets a lot of federal money. Total major federal transfers to Manitoba in 2021 are expected to be 4th highest (per person) and again more than Quebec on a per person basis.  
 
Be careful what you wish for.  
 
Edited by JosephC, 2021-07-30 07:53:22

Because NL is essentially bankrupt.  
There was rumblings years ago that Canada would have to bail out the entire province. This is likely a simpler way or attempting to avoid that and all the subsequent issues it would generate

NL made an agreement many many years ago to sell hydro power to Quebec at rock bottom prices. Feds need to keep the power coming to protect to power going to Quebec and ergo votes.

That's a different agreement from 1969 between Newfoundland & Quebec, covering a different hydro-electric dam (Churchill Falls) . Regardless of what happens to the Muskrat Falls dam (which is what is being discussed here), that 1969 Churchill Falls agreement is in force until 2041. The profitability of Churchill Falls has been very slanted in Quebec's favour under the terms of the 1969 agreement - but that's what they agreed to at the time - and for the most part, that agreement has been upheld in court over the years.  
 
In 2041, full control of Churchill Falls will return to NL and they'll presumably be in a better financial position with respect to that generating facility.  
 
One has very little to do with the other - except that if you're Newfoundland & Labrador, both have been pretty painful experiences.

The last Quebec referendum, there will be no more attempts at secession.