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The comics show that he has no magic of his own. That's why he's interested in magic artifacts that would add to his power. The clip at SDCC also shows that his staff is the source of that power, but he needs the alicorns' magic to make it work.
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Isn't Storm King's whole deal being able to control storms though (lightning included)?
It looks like there's some weird dust or clouds forming around him too, so maybe he's gathering electricity and charging up to attack (just guessing).

In that trailer, some of Tempest's magic bolts look like lightning bolts. Also, the lightning thing isn't his personal ability, it's the power of his staff (from The Art of My Little Pony the Movie book).
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Hey look, he actually looks sorta dangerous now.

The lightning effects seem to be going towards him, but either way,
he's definitely controlling it.

I think this is Tempest attacking him, meaning they reform her before the final fight.
Equality - In our state, we do not stand out.

Right About Everything
Well goats are another species known for their amazing balance.

And as I noted in another thread, most of the Storm King's appearances are at the climax. They can't show him too much in the trailer, or they risk spoiling the end.