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To make the sauce, place wine, water, shallots, vinegar, salt and pepper in a sauce pan over medium to high heat. Bring to a boil to reduce it about 1/3 cup.
Transfer to a food processor bowl to puree. Once pureed, transfer back to the sauce pan and add the cream.
Turn the heat to low, and add butter little by little, slowly whisking with a wire whisk after each addition (this should take about 3 to 4 minutes to add all the butter). Beat steadily, the sauce should never boil. Add lemon juice and season with salt and pepper to taste. Keep warm until ready to serve.
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes). Set the temperature to 375 degrees F and preheat, lid closed, for 10 minutes.
Add olive oil to Dutch oven and place inside the grill to pre-heat. Season halibut with salt and pepper and place inside the Dutch oven.
Cook approximately 3 to 4 minutes per side, until internal temperature reaches 130 degrees F and fish is opaque and flakes easily with a fork.
Serve halibut with butter sauce over. Enjoy!
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