The electrical conductivity crand Seebeck coefficient S are calculated in (111) oriented p-type PbTe/PbEuTe quantum well (QW) structures using the iterative method for solving the kinetic equations. The carrier scattering by optical and acoustical phonons is considered. The dependencies of crand S vs. well width d and hole concentration p are studied. It is shown that for small d = 20A the energy gap between oblique L and I valleys becomes small and the Seebeck coefficient achieves large values even at very high carrier concentration of p1020 cm-1. The presence of high mobility degenerate holes in the longitudinal subbands L. valley leads to a small decrease of S. The obtained values of the conductivity and thermoelectric power agree well with the experimental data in the concentration range of p < 1020 cm-3.