Question

Basically – how to get this working. Code is more then thousand words? Is it defective by design?

TimersConfig timersConfig = ConfigurationManager.GetSection("Timers") as TimersConfig;
            foreach (TimerElement t in timersConfig.Timers)
            {
                System.Windows.Forms.Timer timerComponent = new System.Windows.Forms.Timer();
                timerComponent.Interval = t.Interval;
                timerComponent.Tick += new EventHandler(timerComponent_Tick);
            }

Answer 1

If you mean by “Getting it working” that the timer aren’t working, then that is because you haven’t started them.
add this in the end of the loop:

timerComponent.Start();