1In 2-quart saucepan, heat broth, water and salt to a simmer over medium-high heat. Reduce heat to low to keep broth warm.
2In 4- to 5-quart Dutch oven, heat butter and oil over medium heat until butter stops sizzling. Stir in rice until coated and heat, stirring constantly, until kernels are slightly translucent around edges. Add wine and heat 3 minutes longer, stirring constantly, until rice absorbs liquid.
3Reduce heat to medium-low and stir well. Add 1 cup broth (a 1/2-cup ladle works well for adding the broth) to rice so there is just enough to barely cover the rice. Continue cooking and stirring about 5 minutes or until rice has absorbed most of the broth. Add another 1 cup broth and cook about 5 minutes longer, stirring constantly, until broth is almost absorbed. Repeat twice, adding 1 cup broth each time and cooking until broth is almost absorbed and rice is al dente (firm to the bite) and creamy. Stir in cheese, lemon peel and lemon juice. Remove from heat and sprinkle with parsley.