The part number listed on a couple sites for my P2 Professional (DE634) is DE246054, and of course is "no longer available." My best guess is the only purpose of this part is to interrupt the heating element circuit when the iron has been motionless either horizontally for a short period or vertically for several minutes. I could not find someone who carries this part so I will simply bypassed it. By cutting the blue and black wires and crimping them together, the timer is bypassed. Downside, of course is you no longer have the safety timer if you walk away from the iron while it is plugged in and the LED on top of the handle, behind the pump levers, will no longer illuminate. The LED on the side of the iron does come on when the thermostat completes the circuit to the heating element and off again when the set temperature is reached and the thermostat opens the circuit.
DIYinSTL, June 2016