  Space weather events can negatively affect satellites, the electricity grid,
satellite navigation systems and human health. As a consequence, extreme space
weather has been added to the UK and other national risk registers. By their
very nature, extreme space weather events occur rarely and, therefore,
statistical methods are required to determine the probability of their
occurrence. Space weather events can be characterised by a number of natural
phenomena such as X-ray (solar) flares, solar energetic particle (SEP) fluxes,
coronal mass ejections and various geophysical indices (Dst, Kp, F10.7). In
this paper extreme value theory (EVT) is used to investigate the probability of
extreme solar flares. Previous work has assumed that the distribution of solar
flares follows a power law. However such an approach can lead to a poor
estimation of the return times of such events due to uncertainties in the tails
of the probability distribution function. Using EVT and GOES X-ray flux data it
is shown that the expected 150-year return level is approximately an X60 flare
whilst a Carrington-like flare is a one in a 100-year event. It is also shown
that the EVT results are consistent with flare data from the Kepler space
telescope mission.
