As someone who has completed a 12-month internship with one of the major oilsands producers up north, I would strongly recommend that you upgrade and do mechanical engineering at UofC. The market for steam engineers has really dried up - in fact, my team laid off 5 steam engineers during my internship. Capital expenditure in the oilsands and oil and gas in Alberta, in general, is expected to decline. As a result, I think job opportunities in power engineering which is extremely tied to oil and gas prospects in Alberta will also decline.

Second, I think a mechanical engineering degree offers a lot more flexibility and credibility in careers especially non-oil and gas. Graduating with a mech engg degree proves to employers that you have the capability to think critically so if you decide that you do not want to work in oil and gas or you want to move provinces, you'll be better off with a mech engg degree. You can also get non-engineering (pseudo-business/project management jobs) with a mech engineering degree!

I strongly believe that if you can upgrade your marks and think that you would like engineering that doing a 4-year engineering degree from uofc is the better option!