Step 1: To make the polenta: in a saucepan melt the butter over medium heat and then add the green onions and stir until wilted (1 minute). Add 3 cups water and salt and bring to a boil. Gradually whisk in polenta. Bring to a boil. Reduce heat to low and simmer until thick and creamy, stirring occasionally (13-15 minutes). Stir in cheese and thyme. Season with salt and pepper. Cool to lukewarm. (****can be prepared 2 days ahead; covered and refrigerated. the polenta will become firm.)
Step 2: To make the baked eggs: heat a skillet over medium heat and add the bacon; fry until it begins to brown but is still pliable (3-5 minutes). Transfer bacon to paper towels to drain. Cool slightly.
Step 3: Line sides of eight 1 1/4 cup custard cups with with 2 slices bacon, each, forming collar. Place 1/2 slice bacon on bottom of each cup. Divide polenta among cups (about 1/3 cup each). Press plan over bottom and up sides of bacon. Mix cheeses in a bowl. Sprinkle 1 cup cheese mixture over polenta in each cup. (****can be prepared 2 hours ahead. Let stand at room temperature).
Step 4: Preheat oven to 400 degrees F. Crack one egg into center of each cup. Sprinkle eggs with remaining cheese, green onions, thyme and black pepper. Transfer cups to a rimmed cookie sheet. Bake until egg whites are almost set (20 minutes). Let eggs stand at room temperature 5 minutes .
Step 5: Run sharp knife abounded of cups; tilt cups and slide bacon, polenta and egg onto plates and serve.
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