No, it would also take a lot more than just a steam boiler to use that electricity. Plus then you'd need wiring, conductors, tubing, insulators, grounding the workers making the parts, etc. Much easier to use magic, just eat something and you can replenish lost energy. Then use that energy to create light, heat, etc. See what I mean?
@Phi: Sorcerium is also limited in that it doesn't block physical magic, like fireballs. I know Cabanilla mentioned that.