Bring broth to simmer in large saucepan over medium heat. Reduce heat to low; cover to keep warm. Melt 1 1/2 tablespoons butter with oil in heavy large saucepan over medium heat. Add shallots and sauté until tender, about 6 minutes. Add rice; stir 1 minute. Add wine and stir until evaporated, about 30 seconds. Add 1 1/2 cups hot broth; simmer until absorbed, stirring frequently. Add remaining broth 1/2 cup at a time, allowing broth to be absorbed before adding more and stirring frequently until rice is creamy and tender, about 35 minutes. Stir in cheese and remaining 2 tablespoons butter. Stir in parsley, lemon juice, and lemon peel. Season risotto with salt and pepper. Transfer to bowl and serve.
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