In Brazil, major structural changes occurred in several industries since 1995 with the passage of control of public service concessions to private enterprises. The electric power sector, particularly the distribution segment, focus of this study, was much affected. The changes undertaken, then and again in 2004, when the sector´s model was revised, were anchored by the figure of a regulatory body. Its mission is, within a regulatory environment derived from the legislation, to seek a balance among the various stakeholders, particularly the grantor, the economic agents and society. It is a sector where the economic agents should be concerned with political strategies facing the regulation, which correspond to the set of actions that companies plan and execute in order to maximize economic returns or mitigate economic losses from the regulatory environment. To this end, they establish relationships with a wide range of actors beyond the regulator, forming alliances or not within their value networks. Such orchestration is not simple and requires models and tools that focus on the relational view. Thus, the specific objective of the work developed here was to propose an analytical framework – model, methodology, and lists of constructs – on the relational perspective to assist the firm political strategies management - FPSM, in regulated industries. The FPSM framework was mainly built upon the SNA framework (MACEDO-SOARES, 2002) and the political market model (BONARDI; HOLBURN; VANDEN BERGH, 2006). Specific elements, originated from theoretical foundation and empirical research, were incorporated: 1) pertinent to distributors of electricity energy; and 2) regarding political strategies face to regulation. The theoretical foundation was composed of: institutional theory, agency theory, stakeholder theory, network theory, theory of collective action, and positive political theory. The empirical research consisted of: 1) documental research to establish a general view of Brazilian electric sector; 2) survey of perceptions with experts and industry executives for additions and adjustments to the proposed framework.; 3) case studies on change processes in the regulation – ANEEL´s Resolution 414/2120 and Public Hearing 040/2010; and 4) a case of applying the FPSM framework in the electricity distributor Light , of Rio de Janeiro. Data were collected through documental / telematic investigations, and perceptions form predominantly structured forms and interviews. The triangulation of methods allowed the convergence of data and validation of the findings. The results demonstrated that the application of the proposed analytical framework is pertinent in the sense of providing administrators of electric energy distributors of better sources of information to deal with political strategies facing regulation and to the decision making process in a large extend. The study also contributed to theory building in the field of strategy management of firms in regulated industries.