nightcrawler
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although.. if you are thinking of something that may land you a job quicker..
Do an energy audit of a large industry.. preferably multinational.
That puts a nice piece of skill on your resume.. and can get you in as an energy auditor for respectable firm..and believe me.. these posts pay good, even to a fresh grad.
@Mech
This idea by Santro is superb. What I suggest that you somehow get urself a process flow diagram of some industry & apply 'Pinch Analysis' . This is a fairly simple method & if you know some C++ & MATLAB; your project will run smoothly. I assure you this project is quiet manageable from undergraduates point of view