In saucepan, bring wine, bay leaves, celery, parsley, black pepper and 1 cup/250 mL water to boil; add clams and cook, covered, until shells open.

Reserving liquid, drain. When cool enough to handle, remove clams from shells. To reserved liquid, add enough water to make 5 cups/1.25 L; bring to gentle simmer and maintain over low heat.

Into small heatproof bowl, pour 2 tbsp/30 mL boiling water over saffron (if using); set aside.

In saucepan, heat oil and butter over medium heat; fry shallots and garlic until softened, about 2 minutes. Add rice; fry, stirring, until rice has absorbed fat and grains are translucent with white centres, about 3 minutes.

Add 1 cup/250 mL of the stock; cook, stirring constantly, until liquid is absorbed. Continue adding stock, 1 cup/250 mL at a time, adding saffron with last addition of stock and stirring almost constantly, until rice is creamy and tender yet slightly resilient, about 18 minutes in total.

Stir in clams, parsley and 1/4 cup/60 mL of the stock; stir until clams are heated through, about 1 minute. Serve immediately.

Makes 4 main-course dinner servings, or 6 first-course or lunch servings.