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Spanish electricity company Iberdrola SA (IBE.MC) will make renewable energy investments in the U.S. until 2012 as planned, provided there are "positive changes" in U.S. renewable energy legislation, Chairman Ignacio Galan said Tuesday.

"If there are positive changes, we'll continue at the same rhythm (of investments), if there aren't positive changes, we won't do that," Galan told Dow Jones Newswires after an energy event.

A comprehensive climate change and energy bill passed the U.S. House of Representatives earlier this year, but died in the Senate. Subsequently, a bill introduced by several U.S. senators last month aims to establish mandatory percentages of renewable electricity generation as part of utilities' overall power output, but it is still unclear whether the bill will pass.

Iberdrola's hints at possibly cutting its U.S. investments in the absence of policies to foster renewables come after other top renewable energy investors have already announced cuts.

Portuguese energy company EDP Renovaveis SA (EDPl.LB) last week said it will reduce spending by more than half to less than $300 million in 2011 from $700 million this year, with further cuts possible in the coming years.

The country's biggest wind-power company, NextEra Energy Inc. (NEE), said earlier this year that it will scale back on U.S. development.

Iberdrola's renewables unit Iberdrola Renovables SA (IBR.MC) is the world's biggest wind power producer.

Company Web site: http://www.iberdrola.com

-By Bernd Radowitz, Dow Jones Newswires, +34-91-395-8125, bernd.radowitz@dowjones.com