For the purposes of energy use, they are not. Heat is fundamentally worth less than the equivilent amount of electrical energy, due to these efficiency losses (which are not just a technology problem). It's misleading to compare them at any point in your analysis unless to highlight the problem with the comparison.
Usually it's fundamentally worth less, but not a specific amount less, the way Jamaican dollars and lead are. And, if you're using resistive heating, they're worth exactly the same amount.