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In a heavy-bottomed medium saucepan, melt the butter over medium heat.
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Stir in the onions and red pepper and fry until the onions are translucent, about 4 minutes.
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Stir in the rice, coating the grains thoroughly.
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Meanwhile, heat the chicken broth either in a large measuring cup in the microwave or in a saucepan on top of the stove.
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Keep the broth hot.
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Start adding the broth, 1/3 cup at a time, stirring after each addition until the broth has been absorbed.
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Keep adding and stirring until 3 cups of broth have been absorbed, and about 10 to 12 minutes have passed.
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Add the frozen peas and stir in 1/3 cup of broth.
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Cook, stirring and adding broth once more until only 1/3 cup is left and the rice is tender but still firm, about 8 to 10 minutes.
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Stir in the snow peas, remaining broth, parsley and pepper.
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Cook until the snow peas are bright green and still crisp, about 2 minutes.
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Stir in half of the cheese.
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Serve the risotto with a sprinkling of the remaining cheese.