It definitely looks more cohesive. ^_^
It feels more apparent that the spell is lightning themed. The explosions are definitely more fitting.
Some of the impressions I got:
Absorbing energy phase
Some kind of transition for the electric orbs appearing could make their sudden appearance look less jarring, like a fade in effect. Still looks good without it though.
This probably due to the model: the electric orbs don't go exactly to the middle of the blade.
It's definitely fine if you don't bother with this though since it's pretty nitpicky.
The random lightning colors still throw me off. I feel like sticking with less by default works better, like choosing Finger of Death and Chain Lightning. Well this is a small point if you make it configurable.
You could probably remove the effect from the slow to make it feel like the blood loss is causing the slow. It could help distinguish more between the physical and magical part of the spell.