A controversial energy regulation bill that finally passed the Ohio House on Tuesday will spur economic development in Northeast Ohio and throughout the state, Gov. Ted Strickland said at the annual meeting for the Fund for Our Economic Future.

Strickland announced passage of the energy bill to some 150 fund members at the Akron Civic Theatre before continuing with his original theme: how a $1.57 billion bipartisan economic stimulus package passed earlier this month will complement the fund's efforts in Northeast Ohio.

The fund is a unique collaboration of dozens of philanthropic organizations. It makes grants to economic development organizations that are redesigning the region's economy.

After the meeting, Strickland told reporters that the energy bill — which restores some state oversight that was set to expire — was being closely watched by companies that were considering expanding to Ohio. Among them is a steel company with a potential $1 billion investment.

''They have told me that they would not invest in Ohio without knowing that they would have access to competitively priced electricity in the future,'' Strickland said.

The energy bill will also create jobs because it requires that by 2025 a quarter of the electricity sold in Ohio must come from advanced technologies or renewable sources.

Strickland said international companies that have recently visited Ohio to express interest in the state's ''green'' directives include a solar company from Spain looking to establish a North American headquarters, an India-based manufacturer that is one of the largest wind-powered companies in the world, and a company from the Netherlands that makes windmill blades.

''I don't know if any or all of these companies will choose Ohio, but I can tell you without an energy bill that would give them confidence . . . I can tell you that they will not choose Ohio,'' he said.

Advanced energy — an emerging industry that Northeast Ohio is working hard to cultivate — is also a focus in the state's economic stimulus package.

The $1.57 billion package sets aside $150 million for investing in Ohio companies that are working on alternatives to fossil fuels.

Strickland reviewed that and other parts of the plan, which seeks to grow Ohio's biomedical industry, improve the transportation infrastructure, redevelop abandoned industrial zones, and launch higher-education work force programs.

''I have no doubt the challenges we face will be overcome because we see the opportunities that exist and we know what to do with them,'' Strickland told the gathering, ''and I'm happy and pleased and proud [to be] working with you to rebuild not only the northeast part of Ohio, but all of Ohio's economy.''