Not, it's not a valid theory. It is a crackpot "theory" and no real scientists give it the slightest credence. It's vaguely related to plasma cosmology, which was a testable theory and was worked on until the mid nineties. However, the X-ray background radiation the theory predicted was never found, while the evidence for the Big Bang mounted. And now plasma cosmology is just another theory that failed when put to the test.
The electric universe theory is one of those theories where they don't actually make any predictions, they just search for "evidence" that supports their theory. Any theory can be proved this way, it's called retrofitting, and is neither a logical or a scientific process. Velikovsky was great at this, as was Gavin Menzies, two guys to read if you want a laugh and lesson on how to spot logical fallacies.
Short version: The EU theory says that electricity explains everything. One of the things cited as proof: When viewed from above, Norway's fjords are shaped vaguely like lightning bolts. Therefore they must have been created by electricity! I rest my case.
