Cell-free Massive MIMO systems consist of a large number of geographically distributed access points (APs) that serve the users by coherent joint transmission. The spectral efficiency (SE) achieved by each user depends on the power allocation: which APs that transmit to which users and with what power. In this article, we revisit the max-min and sum-SE power allocation policies, which have previously been approached using high-complexity general-purpose solvers. We develop and compare several different high-performance low-complexity power allocation algorithms that are appropriate for use in large systems. We propose two new algorithms for sum-SE power optimization inspired by weighted minimum mean square error (WMMSE) minimization and fractional programming (FP). Further, one new FP-based algorithm is proposed for max-min fair power allocation. The alternating direction method of multipliers (ADMM) is used to solve specific convex subproblems in the proposed algorithms. Our ADMM reformulations lead to multiple small-sized subproblems with closed-form solutions. The proposed algorithms find global or local optimal power allocation solutions for large-scale systems but with reduced computational time compared to previous work.