According to Spaceweather.com, there's a "95 percent chance of M-class flares and a 55 percent chance of X-flares during the next 24 hours." Since rotating toward the Earth, AR2192 has not generated any Earth-directed coronal mass ejections (CMEs).
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Solar flares and CMEs are both related magnetic solar phenomena. Flares are generated when huge magnetic fieldlines erupt from the sun's interior and are forced together, particularly within active regions. Superheated solar plasma flows around these huge loops - aptly known as coronal loops - causing them to shine brightly in extreme ultraviolet (EUV) wavelengths. When forced together, however, and if the conditions are right, a phenomenon known as reconnection may occur. Reconnection causes magnetic fieldlines to "snap" and reconnect, causing the plasma trapped within coronal loops to be rapidly accelerated. It's this acceleration that generates huge amounts of energy, blasting powerful EUV and X-ray radiation into space as a flare.
CMEs can also be generated over active regions in the lower corona when magnetic bubbles containing energetic solar plasma expand and are hurled into space. Though CMEs can take hours to days to reach Earth (in other words, we can see them coming, whereas flares travel at the speed of light), the delivery of huge quantities of energetic particles from the sun (mainly protons) can boost the radiation environment around Earth and interact with our planet's magnetosphere. These geomagnetic storms are responsible for beautiful auroral displays at high latitiudes and can cause power outages on the ground and satellite damage in orbit.
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Although flares and CMEs are rooted in magnetic eruptions, they are not necessarily generated at the same time. Flares can occur without generating a CME and vice versa.
As to whether AR2192 will unleash a large flare or CME at Earth, that remains to be seen, but if there's one thing history has taught us about the sun, it's worth being prepared.
Interestingly, this month marks the 11 year anniversary of the Hallowe'en Solar Storms. In 2003, through October and November, a series of flares and CMEs struck Earth generating vast aurorae and causing damage to satellites. Aircraft were advised not to travel through polar regions (due to the high-altitude uptick in radiation and possible communications outages) and astronauts and cosmonauts on the International Space Station had to shelter inside well-shielded portions of the orbiting outpost. Parts of Sweden even experienced short power outages due to atmospheric currents overloading the national grid.
When the sun erupts, it has no regard for our planet or our technology, so it is up to space weather forecasters to learn as much as we can about solar conditions so the impact of the next great solar storm causes minimal damage to our technological civilization.
Sources: Spaceweather.com, NASA