AbstractAnalytical approximate formulae for the effective conductivity tensor of the two‐dimensional composites with elliptical inclusions are derived in the form of polynomial approximations in concentration. New formulae explain the seeming contradiction between various formulae derived in the framework of self consistent methods. Random composites with high conducting inclusions of two different shapes (elliptical and circle) of the same area are compared. It is established that greater relative concentration of ellipses increases the effective conductivity.