This work aims to describe the conductivity evolution of polymer composites (polyethylene filled with carbon nanotubes) during a shearing deformation. Rheo‐electric measurements were carried out to observe the shear‐induced fillers network modification. Extended steady shear forces the conductivity to evolve asymptotically to a steady level attesting to an equilibrium between structuring and break up mechanisms in the melted polymer. Numerous experiments were conducted to cover a wide range of shear rate from 0.05 to 10 s−1 and for carbon nanotubes concentrations between 1.3 and 2.9 vol%. A model is proposed to predict the conductivity evolution under shear deformation using a simple kinetic equation inserted in a percolation law. Structuring parameter was found to be solely dependent on the temperature whereas shear induced modification terms were found to be mostly driven by the shear rate and the fillers content.