The following tutorial was written by Mindbender; a valued member here at the PSG Forum.
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Set up the graphic elements:
Create a new document
Filter > Render > Clouds
On cloud layer, Auto-Levels then Filter > Blur > Blur More
Create the gradient for the gradient map that we'll be using
(fig.1).
Create a Gradient Map Adjustment Layer with this gradient
Create a Levels Adjustment Layer to fine tune the look of the lightning until most of the background noise is gone
(fig.2).
Create a Hue/Saturation Adjustment Layer and set the options to colorize, saturation of about 50%, and a hue that you like (
a nice blue for traditional electricity is around 220). Set the blending mode for this layer to "linear light".