Yes. Penalties are associated to a failure-to-reserve MW and a failure-to-activate MW. They are detailed in Manual 28, section 2.3 and 2.6.1.
If a Market Participant fails to reserve sufficient Forward Reserve in the Real-Time Energy Market to meet its Forward Reserve Obligation, a Forward Reserve Failure-to-Reserve Penalty is assessed for each hour of the Operating Day during which failure-to-reserve occurs.NOTE: When the failure to reserve penalties are assessed, the unit is also not paid for Reserve delivery
A Forward Reserve Failure-to-Activate Penalty is assessed if a Market Participant's Forward Reserve Resource fails to provide the energy associated with that Resource's Forward Reserve Delivered Megawatts when activated by the ISO in any hour of the Forward Reserve Delivery Period during an Operating Day.Manual 28: Market Rule 1 Accounting