This paper investigates the impact of plug-in electric vehicle (EV) integration on the power systems scheduling and energy cost. An intermediary entity, the EV aggregator, participates in the market on behalf of the EV owners by optimally self-scheduling under the price-taking approach. Through detailed rolling simulations for a year and different EVs’ penetration scenarios at a large insular power system, this work highlights the different impact of direct and smart charging on power system scheduling and energy costs, the limitations of the price-taking approach, which is widely used in self-scheduling models, and the difference in system value and market value that smart charging adoption creates in restructured markets under the marginal pricing rule.