Many of the other answers are correct, but some reasons we prefer to cool the steam and reuse the water is that it is treated and has a higher quality we like to maintain (proper pH and such). Reusing the water saves alot of money and makes maintaining water/steam quality easier.
We dont just keep the turbine exhaust as steam due to design/efficiency issues since we try and extract as much of the steams energy as we can to spin the turbine, and having it exhuast to a relatively cool low vacuum area (condenser) is easier on the turbine.q
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