The possibility of equipping diaphragm walls as ground heat exchangers to meet the full or partial heating and cooling demands of overlying or adjacent buildings has been explored in recent years. In this paper, the factors affecting the energy performance of diaphragm walls equipped as heat exchangers are investigated through finite-element modelling. The numerical approach employed is first validated using available experimental data and then applied to perform parametric analyses. Parameters considered in the analysis include panel width, the ratio between the wall and excavation depths, heat transfer pipe spacing, concrete cover, heat carrier fluid velocity, concrete thermal properties and the temperature difference between the air within the excavation and the soil behind the wall. The results indicate that increasing the number of pipes by reducing their spacing is the primary route to increasing energy efficiency in the short term. However, the thermal properties of the wall concrete and the temperature excess within the excavation space are also important, with the latter becoming the most significant in the medium to long term. This confirms the benefits of exploiting the retaining walls installed for railway tunnels and metro stations where additional sources of heat are available.