This Letter presents ab initio calculations of the magneto-thermoelectric power (MTEP) and of the spin-Seebeck coefficient in MgO based tunnel junctions with Fe and Co leads. In addition, the normal thermopower is calculated and gives for pure Fe and Co an quantitative agreement with experiments. Consequently, the calculated values in tunnel junctions are a good estimation of upper limits. In particular, spin-Seebeck coefficients of more than 100 mu V/K are possible. The MTEP ratio exceed several 1000% and depends strongly on temperature. In the case of Fe leads the MTEP ratio diverges even to infinity at certain temperatures. The spin-Seebeck coefficient as a function of temperature shows a non-trivial dependence. For Fe/MgO/Fe even the sign of the coefficient changes with temperature.
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