Callum Buglass got the ball rolling for the Phantoms in the sixth minute, after pinching in on the attack and finding space to send his effort past Matt Smital in the Milton Keynes net.
And it was Buglass again who put the Phantoms two ahead a couple of minutes later, this time sending a blue liner past Smital for a Phantoms powerplay goal.
Conor Pollard got his name on the scoresheet with 15:30 played in the opening period, with a power play effort from close range, to send the Phantoms in with a commanding 3-0 lead at the end of the first period.
Liam Stewart gave the Lightning a reason to believe they could get back into the game with 26:15 played, finding space to gain the zone and fire an effort past Jordan Marr, who had a solid game in net for the Phantoms.
But Phantoms bounced straight back and added the goal of the game. When Glenn Billing was released down the left wing by Morgan Clarke-Pizzo, Duncan Speirs went hard to the net and, when found by a perfect pass, he unleashed a one time effort into the back of the net.
And Speirs rounded off another good period from the Phantoms with his second goal of the night, this time by managing to squeeze the puck through bodies and into the net from close in, after a good centring pass by Brad Bowering.
Stewart found himself involved again on 53:42, this time for the wrong reasons. ‘I Don’t Want To Talk About It’ was the view of the referees once they’d given him two minutes for cross checking, but Stewart did, and he earned himself an early shower via a 10 minute misconduct penalty for venting his frustrations.
And the Phantoms were sailing towards two points when Clarke-Pizzo got in on the act with a goal of his own, before Pollard added his second of the night with a clever finish on the power play to complete the Phantoms’ scoring.
There was time for a late consolation for Sean Norris, but it was Phantoms who enjoyed early New Year celebrations.