Melt the butter with the olive oil in a large, heavy-bottomed pot over medium heat. Add the onions, salt and sugar and stir.
Reduce the heat to medium-low, cover and cook for 10 minutes.
Uncover and cook, stirring every few minutes, until the onions are deep golden-brown, very soft and jam-like, another 25 to 40 minutes or longer.
Whenever the onions stick or the bottom of the pot gets too dark, add 1 to 2 tablespoons of water and scrape up the browned bits. Repeat as needed.
Sprinkle the flour over the onions and stir for 1 minute.
Pour in the wine and scrape the bottom of the pot.
Add the broth, bay leaf, 2 to 3 sprigs of fresh thyme, Worcestershire sauce and black pepper. Simmer gently for 20 minutes to infuse the broth with the herbs.
Remove and discard the bay leaf and thyme sprigs. Taste the soup and adjust the salt.
Toast the baguette slices until lightly crisp.
Ladle the soup into oven-safe bowls and top with the toast and cheese.
Place the bowls on a baking sheet and broil until the cheese is bubbling and golden. Garnish with thyme and serve hot.