Some immiscible blends under a strong electric field often exhibit periodic structures, bridging the gap between two electrodes. Upon shear, the structures tilt, and exhibit an elastic response which is mostly governed by the electric energy. Assuming a two-dimensional stripe structure, we calculate the Maxwell stress, and derive an expression for the shear modulus, demonstrating how it depends on the external electric field, the composition, and the dielectric properties of the blend. We also suggest the notion of effective interfacial tension, which renormalizes the effect of the electric field. This leads to a simple derivation of the scaling law for the selection of the wavelength of the structure formed under an electric field.