Preheat the oven to 300 degrees.

Heat the oil in a large Dutch oven over medium heat. Add the pancetta and cook for 4 to 5 minutes, until browned. Transfer the pancetta to a plate lined with a paper towel and set aside.

Season the short ribs all over with 2 teaspoons salt and 1 teaspoon pepper. Brown half the meat in the Dutch oven over medium heat, turning occasionally, for 5 to 7 minutes, until browned on all sides. Transfer the meat to a bowl and brown the second batch. Transfer the second batch to the bowl and set aside.

Off the heat, add the Cognac and ⅓ cup of the wine to the pot, scraping up any browned bits, then simmer over medium heat for one minute. Add the onions and fennel and sauté, stirring occasionally, for 7 to 8 minutes, until the vegetables are tender. Add the garlic and cook for one minute.

Stir the tomatoes and tomato paste into the vegetables.

Add the remaining ⅔ cup of wine, the beef broth, the seared meat (and juices), 2 teaspoons salt, and 1 teaspoon pepper. Bring to a simmer, cover, and bake for 1¼ hours, checking occasionally to be sure the liquid is simmering.

Stir in the carrots and potatoes, cover, and bake for one hour longer, until the vegetables and meat are very tender when tested with a fork.

Degrease the stew, if necessary. Stir in the peas and pancetta, taste for seasonings, and serve hot in large, shallow bowls.

Serve hot in large, shallow bowls.