Instant Pot® Shrimp Scampi Risotto

Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function to heat the pot. Add butter and olive oil. Add shallot and garlic to the pot once butter has melted; saute until fragrant, about 2 minutes. Add Arborio rice; cook and stir for 2 minutes. Pour in chicken broth and mix well. Cancel Saute function.

Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 12 minutes. Allow 10 to 15 minutes for pressure to build.

Allow pressure to naturally release for 25 minutes. Release remaining pressure carefully using the quick-release method, about 5 minutes.

Unlock and remove the lid. Add frozen shrimp and white wine. Do not stir. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 3 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the quick-release method, about 5 minutes. Unlock and remove the lid. Stir in Parmesan cheese and red pepper flakes. Garnish risotto with a squeeze of lemon juice and parsley.