There is a potential for synergy effects in utilizing CO2 for both enhanced gas recovery (EGR) and geothermal energy extraction (CO2-plume geothermal, CPG) from natural gas reservoirs. In this study, we carried out reservoir simulations using TOUGH2 to evaluate the sensitivity of natural gas recovery, pressure buildup, and geothermal power generation performance of the combined CO2-EGR–CPG system to key reservoir and operational parameters. The reservoir parameters included horizontal permeability, permeability anisotropy, reservoir temperature, and pore-size-distribution index; while the operational parameters included wellbore diameter and ambient surface temperature. Using an example of a natural gas reservoir model, we also investigated the effects of different strategies of transitioning from the CO2-EGR stage to the CPG stage on the energy-recovery performance metrics and on the two-phase fluid-flow regime in the production well. The simulation results showed that overlapping the CO2-EGR and CPG stages, and having a relatively brief period of CO2 injection, but no production (which we called the CO2-plume establishment stage) achieved the best overall energy (natural gas and geothermal) recovery performance. Permeability anisotropy and reservoir temperature were the parameters that the natural gas recovery performance of the combined system was most sensitive to. The geothermal power generation performance was most sensitive to the reservoir temperature and the production wellbore diameter. The results of this study pave the way for future CPG-based geothermal power-generation optimization studies. For a CO2-EGR–CPG project, the results can be a guide in terms of the required accuracy of the reservoir parameters during exploration and data acquisition.