1.In a large, covered pot, heat the olive oil and butter. Add the carrots, onion, celery, garlic, red pepper, salt, black pepper, garlic powder, and chicken bouillon. Saute gently on low-medium heat, stirring occasionally, until the onion is transparent about 10-15 minutes.
2.Add the peas, bay leaf, and thyme. Saute for 2 minutes then add chicken broth and enough fresh, cold water to cover the peas. Turn the heat on high until it comes to a boil then bring it to a low simmer.
3.Cover the pot with the lid and stir every few minutes. The peas will absorb the water, add water as necessary to make sure that water covers the peas. Cook until the peas are completely broken up and homogenous with the soup.
4.Add ham to the pot and stir for 3 minutes. Taste for seasonings then pick out bay leaves and thyme twigs. Serve immediately with crusty bread.