jack6238 has posted lot of lightning information. He is worth of stars. I like to add some more. Some of above postings are need a little revisions. For example lightning can not be avoided, which some people think that it can be avoided by installing lightning rods or arresters. Arresters for transmission line phase conductors can divert the lightning surge, provided the lightning impedance to the ground is low and there is enough insulation to the line. Otherwise, there can be back flashover. With high lightning impedance, there is danger of safety both to personnel and the property. Lightning impedance is different from the impedance measured in power frequency level. The lightning impedance for grid mesh is far greater than the power frequency impedance, which is predominantly resistance. However, the lightning impedance for electrodes are lower compared to the lightning impedance for mesh. Thus it is recommended to have earthing system with electrodes for lightning protection.
One very interesting fact about lightning as studied by Dr Mousa of BC Hydro is that if the shape of the structure is conical the return stroke is not developed. Thus the less effect on such structure. Coincidentally, in most of the East and South Asia, there are idols of Buddha, where an idol of thunderbolt is kept. The mythology is: Buddha captured one of the thunderbolts and there is no possibility of lightning in such area. Even if they are located in lightning prone areas, I do not know any lightning had hit such area, but the structures are very conical!
One more interesting fact is that in some high voltage lines below 38 kV many utilities are using ground conductor at the top of the structure in order to shield the lightning. In fact the ground conductor even if it shields, is of no use as the voltage raised by lightning to the conductor is enough to have back flashover to the line conductor.
So the only way to deal with lightning is to accept it as it is and have very good ground.