A new solution methodology for the constant matrix, decoupled power flow problem is presented in this paper. The proposed method uses the conjugate gradient method instead of the traditional direct solution of Ax = b for updating the power flow variables. The conjugate gradient method is accelerated with an approximate inverse matrix preconditioner obtained from a linear combination of matrix-valued Chebyshev polynomials. The new method has been tested on several systems of different sizes. In terms of speed, the method is comparable to the fast decoupled load flow  in serial environments but it is more amenable to parallel and vector processing since it contains only matrix-vector multiplications.