Roasted Beet and Fennel Risotto

3 medium beets 

1 bulb baby fennel- chopped fine - reserve the herb for garnish

3 1/2 cups vegetable broth

3 cups water

1 small onion, finely chopped

2 tablespoons olive oil

2 cups arborio rice (14 oz)

1/2 cup dry white wine

1 teaspoon salt

1/2 teaspoon black pepper

1 oz parmesan, grated

Put oven rack in middle position and preheat oven to 425°F.

Tightly wrap beets in a double layer of foil and roast on a baking sheet until very tender, 1 1/4 to 1 1/2 hours. Cool to warm in foil package, about 20 minutes.

When beets are cool enough to handle, peel them then cut into 1/2-inch cubes.

While beets are cooling, bring broth and water to a bare simmer in a 2- to 3-quart saucepan. Keep at a bare simmer, covered.

Cook onion and fennel in oil in a wide 4- to 6-quart heavy pot over moderate heat, stirring occasionally, until softened, about 3 minutes. Add rice and cook, stirring constantly, 1 minute.

Add wine and simmer briskly, stirring constantly, until absorbed, about 1 minute. Stir in 1/2 cup broth and simmer briskly, stirring constantly, until broth is absorbed. Continue simmering and adding broth, about 1/2 cup at a time, stirring constantly and letting each addition be absorbed before adding the next, until rice is just tender and creamy looking, 18 to 22 minutes. 

Stir in beets, salt, and pepper (mixture will turn bright pink) and cook, stirring, until heated through. Thin as necessary with some of leftover broth, then stir in cheese and fennel herb and remove from heat.