All correct, and do not cover or put a lid on them as that will "steam" them. Make twice as much as you think you need as the shrink down a lot. Keep extra for a sandwich garnish the next day.
The only addition I would make to the above is to use a relatively thick bottomed or clad pan. That will help even out the heat for the low and slow....
Melt a little butter in a wide pan over medium-low heat, and then add your onions. Cook them low and slow--if you are patient, they will become lovely and caramelized after thirty minutes or so (depending on how much onion you have). If they look a little dry, add a bit of water, olive oil, or more butter. Add a pinch of salt to finish.
Slice onions in half lengthwise; then slice onion halves lengthwise into very thin slices. Put some olive oil and a bit of butter in a wide skillet and add onions and some salt. Cook long and slow over low heat (may take 30-60 minutes), stirring frequently, to caramelize the sugars inherent in the onions. It's tricky: you want enough heat to cook the onions, but not so much that they crisp or burn. Some people add a sprinkling of brown sugar at the start to hasten the process (though I don't know if it actually does).
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