It looks like it's efficiency has to do with the fact that it's an entirely passive heating system - it doesn't require any infrastructure except laid pipe to operate.
(I went on a Google quest after reading your comment and wondered the same thing. Thought I would share...)
One of the ways that limit is approached is to use the highest temperature difference the materials can stand; steam for large turbines is hot. The exhaust is still steam, but no longer hot enough to drive things efficiently. Indeed, the cooling loop of many plants run steam-hot, just not superheated-hot. Another common district heating approach (used in NYC) is a small direct gas-fired turbine driving a generator, with steam cooling. Combined generation is the use of that waste heat, for other heating purposes, and can raise total system efficiency. In Sweden, you can get unlimited heating for your pool in winter, if you live close enough to the nuclear plant! The heat was just going to be dumped into a cooling tower, otherwise. (I think that system is hot water, not steam distribution, but same idea.)
The pipes are indeed heat-leaky, despite usually being heavily insulated.
[1] https://en.m.wikipedia.org/wiki/Carnot%27s_theorem_(thermody...
While steam turbines can be found at natural gas plants, it's typically only for waste heat recovery in combined cycle plants. Primary generation is more commonly done with combustion turbines, which are more like jet engines. They don't use steam.
Possible I’m misinformed.
For those in the know, what makes a steam system like this effective as a clean energy distribution system, and how does it compare on a cost basis?