You can change the values for the Conductivity State and Turbulence to make the lightning more or less fast and chaotic in its animation. Or you could precompose the layer that has the lightning on it and then use time-remapping to slow it down.
Check out the tutorials linked to from the top of the "Advanced Lightning effect" page to get a better sense of how this effect works.
Thanks!! Oh, oh... since the lightning is following a moving object this complicates matters (and I already marked this answered). Well, it seems I was on the correct track... I speeded up the animation of the moving object and increased the fps so I would not loose frames. About the same as your suggestion only a little bit more involved for the situation. Animate the lightning then render then slow it down to normal speed and render again. A variable property called 'Speed' would have been easier LOL.