My Spanish is not that good but in this case it is very similar to Italian so it seems it really is a heating element:

http://www.aces.uiuc.edu/food-lab/classes/240/equip/fryer.ht...
If heating element is exposed there is high probability of a flash fire from the oil.

Once the oil is at the right level, turn the temperature knob at the top of the machine to the desired temperature.

Place paper towels over the back of the fryer and lift the heating element from the holding tank. The paper towels will catch the grease that drips from the element.

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Note added at 35 mins (2007-05-10 19:19:20 GMT)
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http://www.smallappliance.com/images/SmallAppliance/English/...

Pero si utiliza barras de grasa, deberá cortarlas en trozos y deshacerlas en otro recipiente y verter a continuación
la grasa derretida en la cubeta de la freidora. No funda nunca la grasa en la cesta o sobre
la resistencia de la freidora (véase fig. 6).

If lumps of fat are used, cut the lumps into pieces and melt them in another container, then pour the melted
fat into the deep fryer bowl. Never melt the fat in the basket or on the deep fryer heating element
(see Fig. 6).

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Note added at 37 mins (2007-05-10 19:21:46 GMT)
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http://www.kenwoodservice.co.uk/uk-delonghi/instructions/ins...
DESCRIPCIÓN DEL APARATO
A. Botón termostato para la programación de la temperatura.
B. Indicador luminoso temperatura aceite (rojo, verde)
C. Microinterruptor de seguridad
D. Indicación de los niveles MIN – MAX
E. Soporte cesta
F. Mirilla (si prevista)
G. Filtro (si previsto)
H. Cuerpo exterior
I. Asas
J. Sedes para la fijación del grupo mandos
K. Tapadera con asa
L. Cubeta amovible
M. Cesta con empuñadura abatible
N. Resistencia eléctrica
O. Alojamiento porta cable
P. Guías para la fijación del grupo de mandos del
aparato
Q. Restablecimiento del dispositivo térmico de seguridad

DESCRIPTION OF THE APPLIANCE:
A. Thermostat knob for setting the temperature
B. Oil temperature light (red, green)
C. Safety micro-switch
D. MIN– MAX level indicators
E. Basket support
F. Viewing window (if present)
G. Filter (if present)
H. Casing
I. Handles
J. Slots for fitting the control unit
K. Cover with handle
L. Removable bowl
M. Basket with folding handle
N. Electrical heating element
O. Cable compartment
P. Guides for attaching the control unit
Q. Thermal safety device reset
R. Control unit
R. Grupo mandos