Bring a large pot of water to boil and cook pasta according to package directions.
Heat butter and olive oil in a large skillet over medium heat.
Add shallot. Saute 3 minutes.
Add garlic. Saute 1 minute.
Add roasted red peppers. Saute 3 more minutes.
Add wine. Stir and cook ½ off.
Transfer contents of skillet to food processor or blender. Pulse until smooth.
Return to same skillet. Stir in chicken broth. Bring to boil.
Stir in salt, pepper and red pepper flakes.
Cover, reduce heat to low and simmer for about 10 minutes.
Stir in cream and simmer 2 more minutes.
Turn off heat and stir in Parmesan until incorporated.
After pasta is cooked, drain and add to sauce. Mix well.
Add fresh parsley and mix.
Serve topped with fresh Parmesan shavings.