Electric Lightining Effect

Here we are going to create a nice looking abstract lightning effect.

Step 1: Create a new document with 500x500.
Press "d" to reset your color and then press Alt+Backspace for black background.

Step 2: Duplicate the layer and go to Filter> Render> Lens Flare and use these settings:

Step 3: Go to Edit> Free Transform or press Ctrl+T and scale down like this:

Step 4: Duplicate the layer and go to Edit> Transform> Rotate 90o CW.

Step 5: Now change the layer mode to "Lighten".

Step 6: Merge the two layers together by pressing Ctrl+E.
Duplicate the merged layer and go to Edit> Free Transform and rotate 45 degree and set the blend mode to "Lighten" again.
After this your effect looks like:

Step 7: Merge the two layer again by pressing Ctrl+E.
Go to Filter> Distort> Wave and use these settings:

Step 8: Go to Image> Adjustment> Hue/Saturation and apply these settings:

Here's is the Final Result!: