Firstly, there are varying tutorials like this but this is one way in which you can achieve the simple effect.

Program: Photoshop Elements or Higher

Note: Reset your template colours to B/W (press D). Also, instead of screening blend, try Overlay.

1) Create a 500 X 500 pixel picture with Transparency
2) Go to Filters -> Render -> Cloud. (Repeat until a desirable cloud is shown)
3) Go to Filters -> Render -> Difference Cloud.
4) Invert the picture (Ctrl + I)
5) Make the levels equal. (Shift+Ctrl+L)

Now comes the fun parts

6) Give the semi-lightning effect a wave. (Go to Filters -> Distort -> Wave - use defaults)
7) Then duplicate layer. (Drag the current layer on the New Layer button)
8) Then select the blending mode as Screening
9) Add some ripples (Go to Filters -> Distort -> Ripples - use any one you like)
10) Duplicate the layer again.
11) Add Polar Coordinate (Go to Filters -> Distort -> Polar Coordinate - use any one you like)

Now, you can either keep playing with it by adding various other filters or you could keep it this way. Add some overlaying patterns to make the effect neater. If not well kep following this guide. Theres more!

12) Personally, I like blue. But you can pick your own colour. Add some Hue. (Press Crl+U, then select Colarize)
13) Don't forget to play around with the blending modes for all three layers to achieve the perfect look you want!

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Look at my 2 minute work below to see how effective it is.

Very nice abstract! -Never seen one like this before, looks very professional