Steam turbine systems used in modern power generation can indeed reach high efficiencies, I doubt 88% though. The early railroad engines had very low efficiencies, probably around 5% of the energy in the fuel got transferred to the track, mainly because all the energy used to heat the water to boiling point and turn it to steam was sent up the smokestack as steam, only the pressure energy being used in the pistons. That's one of the reasons diesel and electric took over, another reason being the convenience of switch on and go.
