It's been almost a year since California's Public Utility Commission voted to eliminate rate caps on the state's largest phone companies, buying into arguments by AT&T and Verizon that deregulation would drive down costs and improve services for consumers.

So what has really happened?

In the case of pricing for popular features such as call waiting and caller ID, prices actually are quite different than they were a year ago. They have shot up -- astronomically.

According to a new report by the Los Angeles Times:

* AT&T's monthly price for caller ID has risen 46 percent, from $6.17 to $9.00.
* Call waiting, speed dialing and other features cost 55 percent more, rising from $3.23 to $5.00.
* An unlisted number now costs $1.25 a month, a 346% increase over the previous charge of 28 cents a month.

AT&T controls about 65 percent of the California market for landline phones. Verizon, which controls about 18 percent of the market, has make similar price hikes in the last year.

The price hikes only apply to customers who have a landline and choose to buy their features on an a la carte basis. Customers who sign up for a bundle of services and/or calling features -- at a substantially higher price -- are not subject to the meteoric price hikes. At least not yet.

The price hikes might not be so infuriating were it not for the fact that it costs AT&T and Verizon virtually nothing to provide them. Virtually all wireless phone providers and Internet-based phone services offer the features for free, including the wireless divisions of -- you guessed it -- AT&T and Verizon.

It is an unfortunate fact that many telecom companies are ruthless about sticking it to their customers when they think they can get away with it. Regulators at all levels need to think about that the next time the telecom industry comes calling, seeking to shuck off regulation with some vague promises that consumers will benefit.