Bring a medium-size pot of salted water to boiling. Add broccoli; cook for 5 to 6 minutes or until tender. Drain; keep warm.
Meanwhile, heat 2 tablespoons butter in medium-size nonstick skillet over medium heat. Add red pepper; reduce heat to medium-low; cook, stirring occasionally, 20 minutes. Remove from heat. Add remaining tablespoon butter, salt and pepper.
Place broccoli in bowl. Pour red pepper butter over top. Serve at once.