In Power Grid, what are the phases and what are the steps?
In later revisons of Power Grid phases are used to describe the difference phases of a turn. Steps are used to describe the 3 different game states that happens when a player builds 7 cities or pull the card in OP post from the top of the power plant pile.

The card does say "Step 3" in the later revisions that I played.

For more information check the Power Grid FAQ