Need help to identify ZNR
The part is a surge absorber as Russell says, the code on the part in the image brings up the datasheet.

The code is SVC 271-14, where SVC means it's a zinc varistor, the 271 stands for a nominal voltage of 270V, and the 14 means it's 14mm in diameter.
So any peaks past 270V should be suppressed, which sounds about right for a 240V system. The typical I-V curve is given on page 45.