Electric Node

Open a new document in photoshop, 400x400 with a black background.

Create a new layer (Layer->New->Layer...) and fill it with black like the background.

Then, with the new layer selected, Filter->Render-Lens Flare... And do like I did here:

Now, scale it down like this:

by using the free transform tool (Ctrl + T or Edit->Free Transform)

When that's done, duplicate the layer you're vorking on (Layer->Duplicate Layer...) and rotate the copy 90 degrees (by using the free transform tool again) like this:

Change the new layers blend mode to "Lighten":

And merge the two layers together by Layer->Merge Down or simply Ctrl + E

Duplicate the merged layer, set the blend mode to "Lighten" again and rotate it 45 degrees like this:

And the two final steps:

Filter->Distort->Wave...

And some blending options:

Color Overlay:

And that's about it.