According to Spaceweather.com, NOAA space weather forecasters estimate a 40 percent chance of further X-class flares over the next 24 hours.
The intense X-ray emissions that are generated by flares of this type can boost ionization in the upper layers of the Earth's atmosphere. This can, in turn, affect global communications. During periods of intense solar activity, upper layers of the atmosphere may expand, making the orbital environment unexpectedly dense, increasing drag on satellites. If left unchecked, satellites can deorbit sooner than predicted.
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CME's on the other hand are bubbles of magnetism carrying highly charged particles that can interact with our planet's magnetic field, generating aurorae. Sometimes, if the conditions are right, geomagnetic storms can induce electric currents through the atmosphere, potentially overloading national power grids. So far, AR 1748 hasn't generated an Earth-directed CME, but that could change over the next few days.