This paper presents an efficient algorithm for reducing RLC power/ground network complexities by exploitation of the regularities in the power/ground networks. The new method first builds the equivalent models for many series RLC-current chains based on their Norton's form companion models in the original networks,and then the precondition conjugate gradient based iterative method is used to solve the reduced networks,which are symmetric positive definite. The solutions of the original networks are then back solved from those of the reduced networks.Experimental results show that the complexities of reduced networks are typically significantly smaller than those of the original circuits, which makes the new algorithm extremely fast. For instance, power/ground networks with more than one million branches can be solved in a few minutes on modern Sun workstations.