  A microscopic theory for electronic spectrum of the CuO2 plane within an
effective p-d Hubbard model is proposed. Dyson equation for the one-electron
Green function in terms of the Hubbard operators is derived which is solved
self-consistently for the self-energy evaluated in the noncrossing
approximation. Electron scattering on spin fluctuations induced by kinematical
interaction is described by a model dynamical spin susceptibility. Doping and
temperature dependence of electron dispersions, spectral functions, the Fermi
surface and the coupling constant are studied.
