He is not overpowered.
He is unbelievably overpowered. If you honestly think this is a balanced character, I'm going to blunt and say you need to learn to play better.
I just got done fully testing lightning, and it's almost as bad as wind, I think. The jab was really good, maybe not broken good, but still very useful. Utilt and dtilt were, again, pretty much useless. Ftilt was a bit too good, the range was beyond necessary, and didn't hit right next to you. Fsmash was reasonably balanced, maybe even a little too weak. Usmash was weird, the first hitbox appears before the lightning does, and the damage was a bit too high for such a quick hit, but the range was good. I suggest putting the first hit right when the lightning strikes, and use the second lightning strike as a sourspot (PSA characters need more sourspots, this doesn't just apply to you). Dsmash was nice, I wouldn't complain if you didn't change it, but a little more knockback wouldn't hurt. The aerials weren't as bad as winds, but they could still use a little changing. I don't know what the heck is going on with nair, but it's range is too big and it's gfx are even bigger. The knockback doesn't serve any purpose until around 200%; you should increase the BKB to fix that. You should keep fair the way it is, but get rid of the multihit effect. Bair has too much range, it's way too easy to wop with it, even with the ending lag, which isn't even a problem if you land because of the lack of landing lag. Uair and dair were really good, but the direction they send the opponent seems a bit weird. The specials were wacky. Neutral B was weird, overall I'd say it's a somewhat balanced move, but there's no need for the final hit to hit someone on the other side of freaking New Pork City. Tone that down, it isn't Bolting. Side B was probably the most broken move in his entire moveset, the other two elements included. The range on it, the almost instant hit, and the ability to cancel it right after any hit besides the first into anything else, including another side-b, made it pretty much impossible for anyone to get close. You
need to add more start-up lag to that move. It's hard to hit with down B, but it really pays off if you do, so it's reasonably balanced. Up B, once again would be much better off with control stick input, imo. As for what it does, I think you should get rid of a good portion of the buildup, and make going forward or backwards a little more useful for recovery. On the ground, he seems to get a boost to those two directions, which can often send him shooting off the stage.
Overall, he's really overpowered. The main move you need to fix is side b. That has incredible range and hits almost instantly. I found myself using pretty much just that, and there was almost no way to get around it. Even though it can only be used on the ground, if they tried to approach over top of the range it gets I just simply ran from where I was and controlled the area they landed with it. It got to the point where I was only using that, and occasionally ftilt and bair. A bunch of the other moves should get buffs, too, to prevent people from only using three attacks out of the entire moveset you built.
Now, I know you're going to say that to balance this out, he has no kill moves, but there really is no way out of his offense. Don't even try that excuse.
As a final note, this time the graphics weren't bad, but just too large in some obvious cases. I know he's supposed to be "the greatest magician ever" and all, but could you make them a suitable size for brawl? Also, the SFX were just plain bad. You need to add more subtle sounds, such as the rustling of clothes or the swoosh of arm swings. He moves as quiet as a ninja half the time. Not only that, most of the hits were slashes instead of electricity.
(By the way, I'm pretty sure what Kenji meant was to give Soren a way to go from lightning to wind or whatever in the air)