  We theoretically study fishnet metamaterials at optical frequencies. In
contrast to earlier works, we provide a microscopic description by tracking the
transversal and longitudinal flows of energy through the fishnet mesh composed
of intersecting subwavelength plasmonic waveguides. The analysis is supported
by a semi-analytical model based on surface-plasmon coupled-mode equations,
which provides accurate formulas for the fishnet refractive index, including
the real-negative and imaginary parts. The model simply explains how the
surface plasmons couple at the waveguide intersections and it shines new light
on the fishnet negative-index paradigm at optical frequencies. Extension of the
theory for loss-compensated metamaterials with gain media is also presented.
